P Pandora Media, Inc.

   By Stephen Nakrosis 
 

Pandora Media, Inc. (P) on Tuesday said shareholders approved the acquisition of the company by Sirius XM Holdings, Inc. (SIRI).

A special meeting of Pandora shareholders saw about 75% of outstanding voting power favor the acquisition, with 97% of votes cast backing the move.

The transaction is expected to close soon, the companies said.

Under the terms of the deal, each share of Pandora stock will be converted into 1.44 newly issued shares of Sirius XM common stock. The $3 billion all-stock deal would create an audio-entertainment company with a market value of around $30 billion, rivaling music-streaming market leader Spotify Technology SA.

At the close of the transaction, Pandora chief executive Roger Lynch will leave the company. Jim Meyer, the chief executive of Sirius XM, will lead the combined company.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

January 29, 2019 17:24 ET (22:24 GMT)

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