Pandora Shareholders Vote To Approve Sale Of Company To SiriusXM

Sale Approved

The shareholders of PANDORA MEDIA, INC. have approved the company's acquisition by SIRIUS XM HOLDINGS INC. The vote was held TODAY (1/29) at a special meeting, with holders of about 75% of the outstanding voting power of PANDORA voting securities casting ballots, and approximately 97% of the votes cast in favor of the transaction.

After closing, which is expected "shortly," each share of PANDORA common stock will be converted into 1.44 newly issued shares of SIRIUSXM common stock. At that time, PANDORA CEO ROGER LYNCH will exit and SIRIUSXM CEO JIM MEYER will run both SIRIUSXM and PANDORA as a combined company. Also exiting as of closing will be PANDORA General Counsel STEVE BENE, CFO NAVEEN CHOPRA, and Chief Human Resources Officer KRISTEN ROBINSON.

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