Pandora has largely been overshadowed by Spotify in the world of music streaming, but it's still alive and kicking. Back in August, Pandora Premium support was finally added to Google Assistant, and T-Mobile began giving customers a year of Pandora Plus. Now the company has been acquired in an all-stock transaction by SiriusXM, valued at approximately $3.5 billion.

If you're not familiar with SiriusXM, it's a broadcasting company primarily known for its satellite radio stations. Sirius also offers a subscription for listening to stations online, so it makes sense that the company would want to purchase Pandora.

Sirius hopes that the deal will, "[leverage] SiriusXM's exclusive content and programming with Pandora's ad-supported and subscription tiers to create unique audio packages, while also utilizing SiriusXM's extensive automotive relationships to drive Pandora's in-car distribution."

The purchase is still waiting on approval by the U.S. FTC and by Pandora's stockholders. Assuming everything goes according to plan, the acquisition should be finalized in the first quarter of 2019.

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