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With millions currently staying home, SiriusXM opens access in North America via the SiriusXM app and at SiriusXM.com/streamfree
Announcement made by Howard Stern broadcasting from his home.


Featuring 300+ channels of news and information, entertainment, escape, and companionship across ad-free music channels, plus channels of live news, faith-based content, comedy, sports talk, politics, and on demand content.


New #StayHome Radio channel brings happy, feel-good music
The Billy Joel Channel and Dave Matthews Band Radio channels return, plus The Top 1000 (songs) Channel.

 

NEW YORK, March 31, 2020 /PRNewswire/ -- SiriusXM and Howard Stern today announced that starting today through May 15, SiriusXM will start offering free access to its full lineup of Premier Streaming content to listeners in North America.  Howard kicked off the unprecedented Stream Free access this morning while hosting The Howard Stern Show, on channel 100, from his home.

SiriusXM Select and All Access subscribers already have access to this great content included with their subscriptions.  Anyone who is not already a SiriusXM subscriber can download the SiriusXM app or go to SiriusXM.com/streamfree, and start listening free of charge, with no credit card or commitment required. 

"With so many people asked to stay at home, we are making our full streaming lineup of music, entertainment, news and information easily accessible to everyone," said Jim Meyer, SiriusXM CEO.  "In the days ahead, we hope it's a valuable source of information or diversion, a generous mix of fresh live content, and a source of companionship that comes from the hosts on our many shows and channels.  And there was no better way to launch the Stream Free content than with Howard this morning."

Listeners will have free access to more than 300 channels of dynamic programming, featuring the acclaimed TheHoward Stern Show, hundreds of exclusive ad-free music channels, and vital news and information sources.  SiriusXM is also adding entirely new curated content, and bringing back some beloved music channels by top artists.

#StayHome Radio, a feel-good, ad-free music channel, will launch April 1 on the streaming platform and channel 179 on most SiriusXM radios. The channel will feature happy and uplifting songs from artists like Lizzo and Coldplay to P!nk and Bob Marley.

And as people spend time at home, SiriusXM is bringing back The Billy Joel Channel, Dave Matthews Band Radio, and a new channel full of the Top 1000 songs across multiple genres, all available on the SiriusXM app, connected devices, as well as most SiriusXM radios, starting April 1. 

Billy Joel's exclusive SiriusXM channel, The Billy Joel Channel, features music spanning his decades-long career, including songs from his live and studio albums, and Billy telling exclusive stories about his music and career.  Throughout the month, the channel will also air Billy Joel: An Evening of Questions and Answers…and a little music too, which was recorded last year in Miami at the Faena Theater.  It can be heard on the SiriusXM app in the Rock category and on SiriusXM radios on channel 30.

Dave Matthews Band Radio will include music from the band's extensive career, along with exclusive, never-before-heard interview content, and encore airings and highlights from Dave's recent Pay It Forward: Live performance streamed from his home and simulcast live on SiriusXM.  Dave's "live from home" performance can be heard in full Wednesday at 5 p.m. ET / 2 p.m. PT, Thursday at 2 p.m. ET / 11 a.m. PT, Friday at 8 p.m. ET / 5 p.m. PT, and through the weekend.  The channel will also bring back the Friday Night Concert Series, featuring a complete show from the archives every Friday night at 8 p.m. ET / 5 p.m. PT.  While the band is off the road, the Friday Night Concert Series will feature standout shows including the band's 2018 and 2019 tour, originally heard live exclusively on SiriusXM.  Dave Matthews Band Radio can be heard on the SiriusXM app in the Rock category and on SiriusXM radios initially on channel 176. 

The Top 1000 Channel will bring a new genre countdown every two weeks, kicking off with the top 1000 Classic Rock Songs and followed by the top 1000 Oldies songs, Alternative Rock songs (80s to today), Country songs, RnB songs, Hard Rock songs and Hip-Hop songs.  It can be heard on the SiriusXM app and on most SiriusXM radios on channel 177. 

SiriusXM's ad-free music channels offer a wide variety of choices, from favorites The Highway, SiriusXM Hits 1 and our decades channels, to artist-backed channels such as The Beatles Channel, The Garth Channel, Pearl Jam Radio, Grateful Dead Channel, LL COOL J's Rock The Bells Radio, Bruce Springsteen's E Street Radio, and Eminem's Shade 45. 

There are also many additional online-only music channels, including more than 100 Xtra music channels, curated for any mood, occasion or activity, as well as music channels geared toward "relaxing-at-home" listening, such as SiriusXM Chill, Watercolors, and SiriusXM Coffee House.  SiriusXM music channels are home to more than 200 channel hosts who serve as trusted companions to millions in North America currently in their homes. 

Listeners also get live news from major outlets such as CNN, FOX News, CNBC, MSNBC and BBC World Service, and valuable information from channels such as Doctor Radio powered by NYU Langone Health, and Business Radio.  There are also inspirational and faith-based channels, multiple channels of comedy, dynamic sports talk such as Mad Dog Sports Radio, and more. 

SiriusXM's entertainment channels include Radio Andy and SiriusXM Stars, featuring daily live shows covering the latest in pop culture, celebrities, lifestyle, and more.  Listeners can tune in to hear live shows from SiriusXM hosts including Andy Cohen, Jenny McCarthy, Jess Cagle, Jeff Lewis, Bevy Smith, Michelle Collins and more. 

The SiriusXM app also offers additional features such as SiriusXM video, Personalized Stations Powered by Pandora that listeners can curate themselves, and an On Demand library with more than 10,000 hours of archived shows, exclusive music performances, interviews and audio documentaries. 

The SiriusXM app is available on mobile phones, tablets and computers, as well as on a wide variety of connected devices in the home including smart TVs, devices with Amazon Alexa or the Google Assistant, Apple TV, PlayStation, Roku, Sonos speakers and more.

About SiriusXM

Sirius XM Holdings Inc. (NASDAQ: SIRI) is the leading audio entertainment company in the U.S., and the premier programmer and platform for subscription and digital advertising-supported audio products. Pandora, a subsidiary of SiriusXM, is the largest ad-supported audio entertainment streaming service in the U.S. SiriusXM and Pandora together reach more than 100 million people each month with their audio products. SiriusXM, through Sirius XM Canada Holdings, Inc., also offers satellite radio and audio entertainment in Canada. In addition to its audio entertainment businesses, SiriusXM offers connected vehicle services to automakers and directly to consumers through aftermarket devices. For more about SiriusXM, please go to: www.siriusxm.com.

SiriusXM to Acquire Pandora in All-Stock Transaction Valuing Pandora at $3.5 Billion

Both SiriusXM and Pandora Brands, Products, and Services to Continue
Complementary Transaction Adds Largest U.S. Audio Streaming Platform to SiriusXM's Strong in-Car Presence
Pandora to Benefit from SiriusXM's Scale, Industry Expertise, and Financial Resources
SiriusXM to Benefit from Pandora's Mobile Strength, Digital Presence, and Ad Capabilities
Investor and Analyst Call Scheduled for This Morning at 8:30 AM ET

NEW YORK and OAKLAND, Calif., Sept. 24, 2018  /PRNewswire/ -- Sirius XM Holdings Inc. (NASDAQ: SIRI) and Pandora Media, Inc. (NYSE: P) today announced a definitive agreement under which SiriusXM will acquire Pandora in an all-stock transaction valued at approximately $3.5 billion. The combination creates the world's largest audio entertainment company, with more than $7 billion in expected pro-forma revenue in 2018 and strong, long-term growth opportunities.

This strategic transaction builds on SiriusXM's position as the leader in subscription radio and a critically-acclaimed curator of exclusive audio programming with the addition of the largest U.S. audio streaming platform. Pandora's powerful music platform will enable SiriusXM to significantly expand its presence beyond vehicles into the home and other mobile areas. Following the completion of the transaction, there will be no immediate change in listener offerings.

The combined company will drive long-term growth by:

  • Capitalizing on cross-promotion opportunities between SiriusXM's base of more than 36 million subscribers across North America and 23 million-plus annual trial listeners and Pandora's more than 70 million monthly active users, which represents the largest digital audio audience in the U.S.
  • Leveraging SiriusXM's exclusive content and programming with Pandora's ad-supported and subscription tiers to create unique audio packages, while also utilizing SiriusXM's extensive automotive relationships to drive Pandora's in-car distribution.
  • Continuing investments in content, technology, innovation, and expanded monetization opportunities through both ad-supported and subscription services in and out of the vehicle.
  • Supporting and strengthening Pandora's highly relevant brand.
  • Creating a promotional platform for emerging and established artists, curated and personalized in ways to deliver the most compelling audio experience that connects artists to their fan bases, as well as new listeners.

Jim Meyer, Chief Executive Officer of SiriusXM, said, "We have long respected Pandora and their team for their popular consumer offering that has attracted a massive audience, and have been impressed by Pandora's strategic progress and stronger execution. We believe there are significant opportunities to create value for both companies' stockholders by combining our complementary businesses. The addition of Pandora diversifies SiriusXM's revenue streams with the U.S.'s largest ad-supported audio offering, broadens our technical capabilities, and represents an exciting next step in our efforts to expand our reach out of the car even further. 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. Together, we will deliver even more of the best content on radio to our passionate and loyal listeners, and attract new listeners, across our two platforms."

Roger Lynch, Chief Executive Officer of Pandora, said, "We've made tremendous progress in our efforts to lead in digital audio. Together with SiriusXM, we're even better positioned to take advantage of the huge opportunities we see in audio entertainment, including growing our advertising business and expanding our subscription offerings. The powerful combination of SiriusXM's content, position in the car, and premium subscription products, along with the biggest audio streaming service in the U.S., will create the world's largest audio entertainment company. This transaction will deliver significant value to our stockholders and will allow them to participate in upside, given SiriusXM's strong brand, financial resources and track record delivering results."

Transaction Details

Pursuant to the agreement, the owners of the outstanding shares in Pandora that SiriusXM does not currently own will receive a fixed exchange ratio of 1.44 newly issued SiriusXM shares for each share of Pandora they hold. Based on the 30-day volume-weighted average price of $7.04 per share of SiriusXM common stock, the implied price of Pandora common stock is $10.14 per share, representing a premium of 13.8% over a 30-day volume-weighted average price. The transaction is expected to be tax-free to Pandora stockholders. SiriusXM currently owns convertible preferred stock in Pandora that represents a stake of approximately 15% on an as-converted basis.

The merger agreement provides for a "go-shop" provision under which Pandora and its Board of Directors may actively solicit, receive, evaluate and potentially enter negotiations with parties that offer alternative proposals following the execution date of the definitive agreement. There can be no assurance this process will result in a superior proposal. Pandora does not intend to disclose developments about this process unless and until its Board of Directors has made a decision with respect to any potential superior proposal.

Approvals

The transaction has been unanimously approved by both the independent directors of Pandora and by the board of directors of SiriusXM.

The transaction is expected to close in the first quarter of 2019. It is subject to approval by Pandora stockholders, expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and certain competition laws of foreign jurisdictions and other customary closing conditions.

SiriusXM Reiterates Full Year 2018 Outlook

SiriusXM reiterated its full-year 2018 guidance provided on July 25, 2018, with self-pay net subscriber additions of approximately 1.15 million; revenue over $5.7 billion; adjusted EBITDA of approximately $2.175 billion, and free cash flow of approximately $1.5 billion.

Pandora Reiterates Q3 2018 Guidance

Pandora reiterated its third quarter 2018 guidance provided on July 31, 2018, with revenue of $390 million to $405 million and Adjusted EBITDA of ($25) million to ($10) million.

Conference Call Information

SiriusXM will hold a conference call to discuss this transaction today, September 24, 2018 at 8:30 AM ET. The dial-in information for participants is (866) 610-1072 (Domestic) and +1 (973) 935-2840 (International). The passcode for both numbers is 7138655. Investors will have the opportunity to listen to the conference call live and access the accompanying presentation slides on each company's investor relations tabs on each company's website, http://investor.siriusxm.com or http://investor.pandora.com.

Participants are encouraged to register at least 15 minutes early to download and install any necessary software. For those who cannot listen to the live broadcast, a telephonic replay will be available through October 8, 2018 by dialing (800) 585-8367 (Domestic) and +1 (404) 537-3406 (International), passcode 7138655. An archived version of the replay will also be available at http://investor.siriusxm.com or http://investor.pandora.com.

Advisors

Allen & Company LLC and BofA Merrill Lynch are serving as financial advisors to SiriusXM and Baker Botts LLP and Simpson Thacher & Bartlett LLP are serving as its legal counsel. Centerview Partners LLC, LionTree Advisors LLC and Morgan Stanley & Co. LLC are serving as financial advisors to Pandora and Sidley Austin LLP is acting as legal counsel.

About SiriusXM

Sirius XM Holdings Inc. (NASDAQ: SIRI) is the world's largest radio company measured by revenue and has approximately 33.5 million subscribers. SiriusXM creates and offers commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment, and a wide-range of Latin music, sports and talk programming. SiriusXM is available in vehicles from every major car company and on smartphones and other connected devices as well as online at siriusxm.com. SiriusXM radios and accessories are available from retailers nationwide and online at SiriusXM. SiriusXM also provides premium traffic, weather, data and information services for subscribers through SiriusXM Traffic™, SiriusXM Travel Link, NavTraffic®, NavWeather™. SiriusXM delivers weather, data and information services to aircraft and boats through SiriusXM Aviation™ and SiriusXM Marine™. In addition, SiriusXM Music for Business provides commercial-free music to a variety of businesses. SiriusXM holds a minority interest in SiriusXM Canada which has approximately 2.6 million subscribers. SiriusXM is also a leading provider of connected vehicles services, giving customers access to a suite of safety, security, and convenience services including automatic crash notification, stolen vehicle recovery assistance, enhanced roadside assistance and turn-by-turn navigation.

About Pandora

Pandora is the world's most powerful music discovery platform—a place where artists find their fans and listeners find music they love. We are driven by a single purpose: unleashing the infinite power of music by connecting artists and fans, whether through earbuds, car speakers, or anywhere fans want to experience it. Pandora's team of highly trained musicologists analyze hundreds of attributes for each recording which powers our proprietary Music Genome Project®, delivering billions of hours of personalized music tailored to the tastes of each music listener, full of discovery, making artist/fan connections at unprecedented scale. Founded by musicians, Pandora empowers artists with valuable data and tools to help grow their careers and connect with their fans.

www.pandora.com | @pandoramusic | www.pandoraforbrands.com | @PandoraBrands | amp.pandora.com

 

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