SiriusXM is Buying Pandora in All-Stock Deal
For the small price of $3.5 billion.
According to CNN Money, the deal will create the largest audio entertainment company.
SiriusXM has 36 million subscribers in the U.S. It was formed with the merger of the Sirius and XM satellite radio services in 2008.
Sirius got a big break after paying Howard Stern hundreds of millions of dollars to lure him from traditional radio back in 2006. Since then, Sirius has skyrocketed, with exclusive programming to go along with its lineup of music, news, talk and sports.
Pandora was created in 2000. It has more than 70 million monthly active users.
Combined, the two will create the largest audio entertainment company.
Does this mean bye-bye to free streaming? Only time will tell.