Satellite radio giant SiriusXM has completed its $3.5 billion acquisition of digital radio and streaming service Pandora. Shareholders gave the deal their seal of approval earlier in the week, when it was also announced that Pandora CEO Roger Lynch, along with several other execs, would be stepping down.
With the acquisition complete, shares of Pandora will no longer be available on the New York Stock Exchange, and each will be converted into 1.44 new shares of SiriusXM stock.
SiriusXM announced its all-stock purchase of Pandora in late September, citing large scale cross-promotional opportunities between SiriusXM's base of 36 million subscribers and Pandora's 68.8 million monthly active users. The companies are expected to leverage the satellite radio firm's programming with Pandora's various tiers to create special subscription packages.