SiriusXM Completes $480 Million Pandora Buy, Takes 3 Seats on Pandora Board

SiriusXM completed its $480 million “strategic investment” to buy 19 percent of Pandora’s stock (see 1706090005), the satellite radio service said in a Friday announcement. SiriusXM Chairman Greg Maffei, CEO Jim Meyer and Chief Financial Officer David Frear will take seats on the Pandora board and Maffei will become Pandora chairman, the company said. The closing also marks Elizabeth Nelson’s departure from the Pandora board, which now has nine seats, it said.