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SiriusXM to make $480M strategic investment in Pandora

Published 06/09/2017, 08:33 AM
© Reuters.  SiriusXM to make $480M strategic investment in Pandora
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  • Pandora (NYSE:P) +3.3% premarket after SiriusXM (NASDAQ:SIRI) announces a $480M investment in the company, confirming earlier speculation.
  • Under the agreement, Sirius will purchase $480M in newly issued Series A convertible preferred stock, representing a stake of 19% of Pandora's outstanding common stock and a 16% stake on an as-converted basis.
  • Sirius gets three Pandora board seats, including the chairman, increasing board membership to nine.
  • Pandora will terminate its investment agreement with KKR and pay a $22.5M termination fee.


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