By Kyle O'Brien

A strategic investment between satellite radio company SiriusXM and personalized streaming audio company Pandora has been finalized.

Pandora today (September 22) announced that SiriusXM has purchased $307.5m of stock in Pandora, completing the $480m strategic investment first announced on June 9.

According to a press release, under the terms of the agreement, a subsidiary of SiriusXM purchased $172.5m of Series A preferred stock upon execution of the agreement on June 9 and today purchased an additional $307.5m of the Series A preferred stock at a purchase price of $10.50 per share.

Upon the closing, Read full story ›

Source: The Drum