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For those in D.C., join Mike Allen for breakfast tomorrow at our News Shapers. He'll go deeper on the rapid rise of vaping and why it matters with FDA Commissioner Scott Gottlieb, American Vaping Association President Gregory Conley, and CATCH Global Foundation CEO Duncan Van Dusen. RSVP.

Situational awareness: SiriusXM Holdings will acquire Pandora in an all-stock deal valued at $3.5 billion, in a move that Axios' Sara Fischer says may improve Sirius' direct-to-consumer relationship and get it into streaming.