Sirius XM to buy Pandora for $3.5 billion

US satellite radio company SiriusXM is planning to acquire music streaming service Pandora in a $3.5 billion all-stock deal.

A statement posted online today says the action will create the world’s largest audio entertainment company: “Together, we will deliver even more of the best content on radio to our passionate and loyal listeners, and to new listeners, across our two platforms.

“SiriusXM and Pandora are continuing to provide the content, products and services you expect from us.”

The move follows a partnership with Netflix in July to create a comedy channel which is due to launch in January and will feature new material from comedians promoted in Netflix original content.

SiriusXM, home of Howard Stern, has 36 million subscribers in North America and Pandora has more than 70 million monthly active users.

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