A strategic investment between satellite radio company SiriusXM and personalized streaming audio company Pandora has been finalized.
Pandora today (September 22) announced that SiriusXM has purchased $307.5m of stock in Pandora, completing the $480m strategic investment first announced on June 9.
According to a press release, under the terms of the agreement, a subsidiary of SiriusXM purchased $172.5m of Series A preferred stock upon execution of the agreement on June 9 and today purchased an additional $307.5m of the Series A preferred stock at a purchase price of $10.50 per share.
Upon the closing, Gregory B. Maffei, chairman of SiriusXM, James E. Meyer, chief executive officer of SiriusXM, and David J. Frear, senior executive vice president and chief financial officer of SiriusXM, were named to the Pandora Board of Directors.
Maffei was also named chairman of Pandora.
With these additions, Elizabeth Nelson concluded her tenure on Pandora's board, effective immediately.