>> Shares of Pandora popping Monday after Sirius XM said it will buy the music streamer in a $3.5 billion all-stock deal to better compete with the biggest streamers in the business, Apple and Spotify. The move by media mogul John Malone, who owns Sirius XM through his company Liberty Media, will create the world's largest audio entertainment company as it seeks to build scale to battle the heavyweight streamers.
Monday's deal gives the pair a market value of about $34 billion, topping Spotify's 31.2 billion. Sirius XM bought a stake in Pandora for $480 million last year to get Sirius in the game after upstarts like Spotify, Amazon, and Jay Z's Tidal began luring away streaming music subscribers. Shares in Pandora, which has posted losses every quarter in the last two years, initially soared more than 18% in premarket trading, but have fallen off since the open.
Meanwhile, shares of Sirius were down close to 9% at one point, on track for its worst day since 2011 as investors worried the company had overpaid. The deal's expected to close in early 2019.