SiriusXM is about to drop a lot of money for Pandora.
The satellite radio company agreed to acquire Pandora — a music streaming service — for $3.5 billion. The purchase will make SiriusXM the largest audio entertainment company in the world.
Pandora reported having more than 70 million monthly active users while SiriusXM has more than 36 million North American users.
SiriusXM says the purchase will help "drive Pandora's in-car distribution" and expand SiriusXM's reach beyond vehicles and into the home.
The acquisition is expected to be completed in the first quarter of 2019.