According to Music Business Worldwide, stockholders of Pandora approved a $3.5 billion, all stock acquisition of the streaming platform by Sirius XM.
Once complete, Pandora’s CEO, Roger Lynch will step down and Sirius XM CEO Jim Meyer will step in as the head of the combined Sirius XM/Pandora company.
The acquisition was first announced in September and is expected to “close shortly,” according to a message to Pandora investors. The terms of the deal call for each share of Pandora common stock being converted to 1.44 shares of Sirius XM common stock. The Sirius XM common stock will continue to be traded on the NASDAQ market while Pandora will be delisted on the New York Stock Exchange.