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Sirius Plunges Most Since 2011 After $3.5 Billion Pandora Deal

  • Satellite radio company struggles to articulate rationale
  • Deal puts Sirius in more direct competition with Spotify
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Sirius is buying Pandora Media Inc. in a deal worth $3.5 billion. Bloomberg Intelligence’s Paul Sweeney reports.Daybreak: Americas." (Source: Bloomberg)
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Sirius XM Holdings Inc.’s $3.5 billion deal to acquire Pandora Media Inc. struck a wrong note with investors.

Sirius suffered its worst stock plunge in more than seven years on Monday after the satellite-radio broadcaster announced the acquisition, which would put the company in more direct competition with Spotify Technology SA.