Pay-radio operator SiriusXM has concluded its $480 million “strategic investment” in music streaming service Pandora. The deal was first announced back on June 9th.
Under the terms of the agreement, a subsidiary of SiriusXM purchased $172.5 million of Series A preferred stock upon execution of the agreement on June 9th 2017 and [September 22nd] purchased an additional $307.5 million of the Series A preferred stock.
Three SiriusXM directors have now joined Pandora’s board of directors (Greg Maffei, CEO James E. Meyer and CFO David Frear officially joined Pandora’s board of directors, with Maffei taking the chairman role.
Pandora’s newly-appointed CEO is Roger Lynch, formerly of Dish/Sling TV.