SiriusXM以價值35億美元的全股票交易收購Pandora

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  • SiriusXM以價值35億美元的全股票交易收購Pandora

      201810/0108:18
    ◎SiriusXM將以價值35億美元的全股票交易收購Pandora,合併後的公司將是他們所謂的「世界上最大的音頻娛樂公司」,預計2018年的收入為70億美元。SiriusXM對Pandora感興趣已有一年多了。去年夏天,這家衛星廣播公司對Pandora投資了4.8億美元現金以換取19%的股份。

    ◎根據兩家公司的說法,在該筆交易完成後,對聽眾提供的服務不會有立即的變化。不過這狀況將會改變,因為SiriusXM是訂閱廣播領域的領導者,而Pandora也勉強算是美國最大的音頻串流平台,隨著Spotify、Apple Music和其他串流媒體及播客更容易在車上及智能音箱上聽到,兩者都感受到了越來越大的壓力。傳統廣播電台一直受到來自串流媒體的壓力,現在還必須抵禦SiriusXM和Pandora聯合起來的力量;SiriusXM迄今為止未能在網上和家中吸引大量的聽眾,但是Pandora的音樂平台可以讓SiriusXM大大擴展其在車上聆聽之外的存在。

    ◎合併後的公司表示,它將通過以下方式推動長期增長。充分利用SiriusXM在北美擁有超過3600萬用戶,以及Pandora有超過7000萬月活躍用戶和2300萬年度試用聽眾的基礎上進行交叉推廣,這數目加起來是美國最多的數位音頻用戶。利用SiriusXM的獨家內容和編程,及Pandora的免費和付費訂閱兩種方案來創建獨特的音頻套裝方案,同時利用SiriusXM已有的車上聆聽基礎來推動Pandora在車載上的聆聽。持續投資內容、技術、創新,並透過車內外對免費和付費訂閱兩種方案的廣告來擴大獲利機會。為新興和成熟的藝人創建一個行銷平台,以提供最吸引人的音頻體驗,將藝人與他們的粉絲群以及新聽眾聯結起來。

    詳細全文:

    [UPDATED] SiriusXM will acquire Pandora in an all stock transaction valued at $3.5 billion. The combined companies create what they are calling "the world's largest audio entertainment company" with $7 billion in expected 2018 revenue.

    SiriusXM has been interested in Pandora for more than a year. Last summer, the satellite broadcaster invested $480 million in cash in Pandora in exchange for a 19% stake.

    Why It Matters

    Following the completion of the transaction, there will be no immediate change in listener offerings, according to both companies. But that will change.

    SiriusXM is the leader in subscription radio and Pandora still (just barely) holds the crown as the largest audio streaming platform in the U.S. But both are feeling increased pressure as Spotify, Apple Music and other streamers and podcasters become easier to access in the car and on smart speakers.

    Broadcast radio, which has been feeling the same pressure from streaming, will now also have to fend off the combined strength of SiriusXM and Pandora.

    SiriusXM has thus far failed to attract significant listenership online and in the home. But Pandora's music platform could enable SiriusXM to significantly expand its presence beyond vehicles.

    The combined company says that it will drive long-term growth by:

    Capitalizing on cross-promotion opportunities between SiriusXM's base of more than 36 million subscribers across North America and 23 million-plus annual trial listeners and Pandora's more than 70 million monthly active users, which represents the largest digital audio audience in the U.S.

    Leveraging SiriusXM's exclusive content and programming with Pandora's ad-supported and subscription tiers to create unique audio packages, while also utilizing SiriusXM's extensive automotive relationships to drive Pandora's in-car distribution.

    Continuing investments in content, technology, innovation, and expanded monetization opportunities through both ad-supported and subscription services in and out of the vehicle.

    Supporting and strengthening Pandora's brand.

    Creating a promotional platform for emerging and established artists, curated and personalized in ways to deliver the most compelling audio experience that connects artists to their fan bases, as well as new listeners.

    Jim Meyer, Chief Executive Officer of SiriusXM:

    "We have long respected Pandora and their team for their popular consumer offering that has attracted a massive audience, and have been impressed by Pandora's strategic progress and stronger execution. We believe there are significant opportunities to create value for both companies' stockholders by combining our complementary businesses. The addition of Pandora diversifies SiriusXM's revenue streams with the U.S.'s largest ad-supported audio offering, broadens our technical capabilities, and represents an exciting next step in our efforts to expand our reach out of the car even further. Through targeted investments, we see significant opportunities to drive innovation that will accelerate growth beyond what would be available to the separate companies, and does so in a way that also benefits consumers, artists, and the broader content communities. Together, we will deliver even more of the best content on radio to our passionate and loyal listeners, and attract new listeners, across our two platforms."

    Roger Lynch, Chief Executive Officer of Pandora:

    "We've made tremendous progress in our efforts to lead in digital audio. Together with SiriusXM, we're even better positioned to take advantage of the huge opportunities we see in audio entertainment, including growing our advertising business and expanding our subscription offerings. The powerful combination of SiriusXM's content, position in the car, and premium subscription products, along with the biggest audio streaming service in the U.S., will create the world's largest audio entertainment company. This transaction will deliver significant value to our stockholders and will allow them to participate in upside, given SiriusXM's strong brand, financial resources and track record delivering results."

    Hypebot

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