Meyer To Run Combined SiriusXM/Pandora

• Pandora stockholders today overwhelmingly approved the acquisition of Pandora Media, Inc. by SiriusXM Holdings Inc. Holders of approximately 75% of the outstanding voting power of Pandora voting securities were voted, with approximately 97% of the votes cast in favor of the transaction.

Now, the biggest takeaway from that meeting — when the transaction closes, Pandora CEO Roger Lynch will exit the company. Jim Meyer, Chief Executive Officer of SiriusXM, will then lead Pandora and SiriusXM as a combined company. Also headed for the exit when the transaction closes: Pandora General Counsel Steve Bene, CFO Naveen Chopra and Chief Human Resources Officer Kristen Robinson.

The deal is expected to close shortly, subject to customary closing conditions. Assuming completion of the transaction, shares of Pandora common stock are expected to be delisted from trading on the New York Stock Exchange. As a result of the transaction, among other things, each share of Pandora common stock will be converted into 1.44 newly issued shares of SiriusXM common stock, which will continue to trade under the existing ticker symbol SIRI on the NASDAQ Global Select Market.