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Sirius Enters Lion's Den of Silicon Valley With Pandora Deal

  • Shares plunge 10% on investor doubts, cutting pact’s value
  • Billionaire John Malone adds music streaming to empire
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Sirius XM Holdings Inc. is so eager to reach listeners outside the car that it’s willing to take on some of the world’s largest technology companies.

Sirius, controlled by cable TV billionaire John Malone, announced an all-stock deal to buy Pandora Media Inc. on Monday, uniting the largest satellite radio service in the U.S. with the largest online radio company. Sirius was already a minority shareholder in Pandora, which it tried to acquire at least twice before.