Wednesday, January 30, 2019

Pandora Stockholders OK SiriusXM Deal, CEO Lynch EXITS

Pandora Media, Inc. Tuesday announced that at a special meeting stockholders of Pandora approved the acquisition of Pandora by Sirius XM Holdings Inc.

At the special meeting of Pandora stockholders, holders of approximately 75% of the outstanding voting power of Pandora voting securities were voted, with approximately 97% of the votes cast in favor of the transaction.

The transaction is expected to close shortly, subject to customary closing conditions. Assuming completion of the transaction, shares of Pandora common stock are expected to be delisted from trading on the New York Stock Exchange. As a result of the transaction, among other things, each share of Pandora common stock will be converted into 1.44 newly issued shares of Sirius XM common stock. SiriusXM common stock will continue to trade under the existing ticker symbol “SIRI” on The Nasdaq Global Select Market.

As of the transaction close, Roger Lynch, Chief Executive Officer of Pandora, will be stepping down from his role and exiting the company.

Jim Meyer, Chief Executive Officer of Sirius XM, will lead Pandora and Sirius XM as a combined company. Steve Bene, General Counsel of Pandora; Naveen Chopra, Chief Financial Officer of Pandora; and Kristen Robinson, Chief Human Resources Officer of Pandora, also will be exiting the company following the transaction closing.

Sirius XM CEO Jim Meyer recently indicated that he intends to introduce non-music services on the Pandora platform and also intends to bundle Pandora Premium (which allows on-demand music selection) with Sirius XM subscriptions.

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