Digest: SiriusXM Buys $480M Stake in Pandora, Pandora Unloads Ticketfly, 3 Takeaways from Midem 2017
Posted by Glen Sears | June 12, 2017 10:07 am | No Comments
Story of the Week
SiriusXM to Buy $480M Stake in Pandora
Under the terms of the agreement, a subsidiary of SiriusXM will purchase news convertible preferred stock of Pandora, while SiriusXM has already bought $172.5 million of preferred stock representing a stake of 19 percent in Pandora’s, or a 16 percent stake when converted.
Other Music News Highlights
Pandora Sells Ticketfly To Eventbrite For $200M, A $250M Loss. The Ticketfly transaction is expected to close in the third quarter of 2017 — Eventbrite is funding the acquisition using a combination of $150 million in cash and a $50 million note payable to Pandora.
Analysis: What Pandora’s Ticketfly Sale and SiriusXM Investment Means. The money from the deals, coupled with the $199 million that the company disclosed in 2016 year-end report, gives the company a total of $856 million in cash—buying Pandora time to prove it can build a successful, profitable on-demand music service.
3 Big Takeaways From Midem 2017. Zach Fuller of MiDIA Research shares his top three takeaways from the annual conference addressing the latest developments in the music industry.
YouTube Has A New Label Relations Boss: SoundCloud’s Stephen Bryan. Cohen, Global Head of Music at YouTube, said: “At YouTube, we have over a billion viewers and thousands of label partners and Stephen is going to be the bridge that brings them together.
Taylor Swift’s Catalog Now On Other Streamers As Apple Music Loses Key Exclusive. Recently Spotify eliminated a key Taylor Swift objection to streaming, adding the ability to window releases.
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