SiriusXM just announced they will be investing $480M in cash into Pandora, which will give them a ~16% stake in the company on an as-converted basis.
The investment will come in the form of newly-issued Series A convertible preferred Pandora stock. $172.5M of the preferred stock was purchased upon execution of the deal, and the balance will be bought at a second closing.
Separately, EventBrite just announced they have entered into an agreement with Pandora to purchase Ticketfly for $200M.
Pandora purchased Ticketfly in 2015 for $450M with the goal of monetizing Pandora’s listeners by selling them tickets to live events.
EventBrite and Pandora will also enter into an agreement to help sell tickets through Pandora, something the company has already started working on with their original Ticketfly integration. However this integration was never as successful as Pandora hoped, which may be why they are offloading it at such a discount to the price they paid a few years ago.
Yesterday, we…