Deals

Sirius Plunges Most Since 2011 After $3.5 Billion Pandora Deal

Satellite radio company struggles to articulate rationale
Deal puts Sirius in more direct competition with Spotify

Sirius is buying Pandora Media Inc. in a deal worth $3.5 billion. Bloomberg Intelligence’s Paul Sweeney reports.Daybreak: Americas." (Source: Bloomberg)

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By Zachary Tracer and Scott Moritz

September 24, 2018 at 7:14 AM EDT

Updated on

September 24, 2018 at 4:40 PM EDT

This article is for subscribers only.

Sirius XM Holdings Inc.’s $3.5 billion deal to acquire Pandora Media Inc. struck a wrong note with investors.

Sirius suffered its worst stock plunge in more than seven years on Monday after the satellite-radio broadcaster announced the acquisition, which would put the company in more direct competition with Spotify Technology SA.

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