At one point the CBC owned a piece of Sirius XM's Canadian operations, but since a restructuring in May 2017 the CBC no longer has any ownership stake in the company.
Pandora has agreed to be acquired by satellite company SiriusXM for $3.5 billion. Instead of negotiating deals with multiple platforms, SiriusXM will be able to deliver new music to hundreds of millions of users across their entire portfolio of services.
The transaction would combine SiriusXM's 36 million subscribers in North America with Pandora's more than 70 million monthly active users.
SiriusXM stock was slightly lower in premarket trading following the announcement.
SiriusXM says that cross-promotion opportunities are a major driving factor behind this acquisition, and that it will leverage "SiriusXM's exclusive content and programming with Pandora's ad-supported and subscription tiers to create unique audio packages". Instead of trying to push satellite radio for home and mobile use, Pandora will be a much more attractive option to consumers and helps diversify revenue streams.
SiriusXM said both brands will continue to exist, along with their respective products and services.
"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", SiriusXM CEO Jim Meyer said in a statement.
Terms of the deal will allow Pandora to pursue an alternative acquirer for a higher price, a standard practice in the mergers-and-acquisitions business that could result in the emergence of a different suitor.
"The powerful combination of SiriusXM's content, position in the vehicle, and premium subscription products, along with the biggest audio streaming service in the USA, will create the world's largest audio entertainment company".