NATIONWIDE — SiriusXM is buying Pandora in a $3.5 billion, all-stock deal, creating one of the world's largest audio entertainment companies, SiriusXM said Monday.

  • SiriusXM buying streaming music service Pandora in $3.5B deal
  • Transaction expected to close in 1st quarter of next year
  • Company doesn't plan to change prices, services 'at this time'

SiriusXM was formed by the merger of Sirius and XM satellite radio 10 years ago. Streaming music service Pandora was founded in 2000.

Both services have a combined subscriber list of more than 100 million.

In a news release, SiriusXM said both brands would continue to offer their services and products. On its blog, the company said there wouldn't be any subscription price increases or service changes "at this time."

"Pandora's powerful music platform will enable SiriusXM to significantly expand its presence beyond vehicles into the home and other mobile areas," the release said.

The transaction is expected to close in the first quarter of 2019.