Stockholders of Pandora have approved the $3.5bn acquisition of the streaming platform by Sirius XM Holdings Inc.
At a special meeting of Pandora stockholders today (January 29), holders of approximately 75% of the outstanding voting power of Pandora voted, with approximately 97% of the votes cast in favor of the transaction.
When the transaction closes, it has been announced, Roger Lynch, Chief Executive Officer of Pandora, will be stepping down from his role and exiting the company.
Following Lynch’s departure, Jim Meyer, Chief Executive Officer of Sirius XM, will leading Pandora and Sirius XM as a combined company.
Steve Bene, General Counsel of Pandora; Naveen Chopra, Chief Financial Officer of Pandora; and Kristen Robinson, Chief Human Resources Officer of Pandora, also will be exiting the company following the transaction closing.
Lynch joined Pandora as CEO in September. 2017.
In a note to investors, Pandora said: “The transaction is expected to close shortly, subject to customary closing conditions. Assuming completion of the transaction, shares of Pandora common stock are expected to be delisted from trading on the New York Stock Exchange. As a result of the transaction, among other things, each share of Pandora common stock will be converted into 1.44 newly issued shares of Sirius XM common stock. Sirius XM common stock will continue to trade under the existing ticker symbol “SIRI” on The Nasdaq Global Select Market.”Music Business Worldwide