Jun 9, 2017

SiriusXM buys into Pandora

AP Photo/Richard Drew, file

SiriusXM today agreed to make a $480 million minority investment into Pandora, in a strategic tie-up between the nation's largest satellite radio provider with its largest Internet radio provider. Pandora, whose stock climbed more than 5% on the news in early Friday trading, also said that it will sell its TicketFly unit to privately-held Eventbrite for $200 million.

How we got here: SiriusXM originally offered to buy Pandora last summer for $3.4 billion, but was rebuffed. It then tried again earlier this year at a much lower price ― Pandora currently is valued at just around $2 billion ― and was turned down again. Then Pandora agreed last month to take a $150 million investment from private equity firm KKR. Sirius responded with this $480 million offer for a minority stake, which was accepted. The KKR deal is now dead, although KKR will receive a $22.5 million break-up fee.

Board shuffle: Sirius will get three seats on Pandora's board of directors, including chairman (KKR had been expected to take one seat). CNBC's David Faber reports that the chairman role may be filled by Sirius CEO Jim Meyer or Liberty Media CEO Greg Maffei (Liberty controls Sirius). Maffei would be a particularly interesting choice, given that in March he criticized Pandora management by saying: "It has a better product than other free services. I don't think they've attacked that opportunity as well as they could."

Rough day at the office: KKR might also today have lost out on its play for Toshiba Corp.'s $18 billion chips unit, with an overnight report from Reuters that consortium lead Japan Innovation Network Corp. plans to replace KKR with Bain Capital. We've not yet been able to confirm the flip, with one source close to KKR saying that the deal team was "baffled" upon initially reading the Reuters report.

Go deeper

In photos: Life in the era of coronavirus across the U.S.

Lauryn Morley, a lower school substitute teacher for the Washington Waldorf School in Bethesda, Maryland, works from her home in Arlington, Virginia. Photo: Olivier Douliery/AFP via Getty Images

The number of novel coronavirus cases in the U.S. has grown from one on Jan. 21 to over 312,000 by early Sunday, per Johns Hopkins.

The big picture: Roughly 3/4 of the American population is on lockdown. From practicing social distancing to the shutdown of non-essential businesses, here's how Americans are coping with the massive upheaval the outbreak has brought, in photos.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of midnight ET: 1,202,827 — Total deaths: 64,771 — Total recoveries: 246,886Map.
  2. U.S.: Total confirmed cases as of midnight ET: 312,076 — Total deaths: 8,496 — Total recoveries: 14,997Map.
  3. Public health latest: CDC launches national trackers and recommends face coverings in public. Federal government will cover costs of COVID-19 treatment for uninsured. The virus is hitting poor, minority communities harder and upending childbirth.
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. "We're having the convention at the end of August."
  5. Business updates: Restaurants step up for health care workers. Employees are pressuring companies to provide protections during coronavirus.
  6. Oil latest: Monday meeting among oil-producing countries to discuss supply curbs is reportedly being delayed amid tensions between Saudi Arabia and Russia.
  7. Education update: Many college-age students won't get coronavirus relief checks.
  8. 1 🏀 thing: The WNBA postpones start of training camps and season.
  9. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

World coronavirus updates: Confirmed cases top 1.2 million

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The number of novel coronavirus cases surpassed 1.2 million worldwide Saturday night, as Spain overtook Italy as the country with the most infections outside the U.S. The global death toll has surpassed 64,700, per Johns Hopkins data.

The latest: The United Kingdom's Queen Elizabeth II will speak in a televised address on the coronavirus Sunday of the "disruption that has brought grief to some, financial difficulties to many, and enormous changes to the daily lives of us all," per the BBC. The U.K. death toll rose 708 to 4,313 on Saturday — the fourth highest in the world.

Go deeperArrowUpdated 3 hours ago - Health