SiriusXM buys stake in Pandora

SiriusXM has agreed to buy a stake in Pandora, a $480 million dollar stake. The rumors had been swirling that SiriusXM would buy Pandora fully but instead they're just buying 19% of Pandora. The new influx of cash should help Pandora compete against the likes of Apple Music and Spotify. The partnership seems like it could potentially help both companies but only time will tell how it all pans out. The Verge has the full story.

SiriusXM has agreed to invest $480 million in Pandora, giving it a 19 percent stake in the streaming music company.

The investment ends months-long speculation that SiriusXM would buy Pandora outright. It’s not clear why plans changed, but SiriusXM says the cash injection “will allow Pandora to make targeted investments” — though it doesn’t elaborate on what those might involve.

Pandora CEO Tim Westergren says the influx of money will give his company “the flexibility we need to attack what is becoming a larger and larger opportunity as digital music enters a new golden age."