NEW YORK (AP) — Subscription radio company SiriusXM says it's buying music streaming service Pandora Media Inc. in a deal valued at about $3.5 billion that will allow it to expand its service beyond cars and into mobile devices and homes.
Pandora has faced intense pressure from competitors like Spotify and Apple. Its last quarterly profit was in December 2014.
But a buyout by SiriusXM, which made a $480 million investment in Pandora in June 2017, may be the boost the business needs.
NEW YORK (AP) — Music service Pandora named a new CEO on Monday as it wrestles with competition from Spotify and other newer streaming apps.
Roger Lynch, the head of Dish's streaming video service, will take over the helm of the Oakland, California, company Sept. 18.
NEW YORK (AP) — Stocks that moved substantially or traded heavily Monday:
Nestle SA, up $3.34 to $88.17
News reports said U.S. hedge fund Third Point took a 1 percent stake in the company and will call on it to make changes including selling its stake in L'Oreal.
Arconic Inc., down $1.53 to $24.01
The metal products maker said it will stop selling one type of aluminum composite paneling after speculation that the material contributed to the spread of a deadly fire at a London apartment tower.
NEW YORK (AP) — Pandora's stock is climbing Friday after the online radio company provided a stronger fourth-quarter revenue outlook and announced plans to cut approximately 7 percent of its workforce.
Pandora said late Thursday that the job cuts, which would exclude Ticketfly, are being done to help trim overall operating costs. The Oakland, California-based company has been facing increasing competition from Spotify and Apple Inc.'s music service.