June 9, 2017 / 12:33 PM / 3 months ago

Sirius XM to invest $480 mln in Pandora Media

June 9 (Reuters) - Pandora Media Inc said on Friday U.S. satellite radio company Sirius XM Holdings Inc would invest $480 million in the music streaming company.

Under the terms of the agreement, a subsidiary of Sirius XM will buy issued series A convertible preferred stock of Pandora, representing 19 percent of the company’s current outstanding shares, the companies said in a joint statement. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)

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