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Pandora CEO Roger Lynch to Step Down After Acquisition by SiriusXM



During Lynch's tenure, the company invested extensively in its digital advertising business, including purchasing AdsWizz in a $ 145 million deal announced last March.

Roger Lynch, who has served as CEO of Pandora since August 2017, will be stepping down from the company.

The news comes as Pandora stockholders approved the company's $ 3.5 billion acquisition by SiriusXM, which was first reported in September.

During Lynch's tenure, the company invested extensively in its digital advertising business, including purchasing the audio advertising tech company AdsWizz in a $ 1

45 million deal announced last March, and in building its subscription streaming service. That paid off in the third quarter of 2018, when the company reported a 16 percent revenue increase year-over-year, and announced it added 800,000 new paid subscribers for the quarter ended Sept. 30.

But the company lost monthly active listeners, ending the quarter with 68.8 million, down from 73.7 million in Q3 or 2017. Likewise, total listener hours dropped to 4.81 billion in Q3 2018, down from 5.15 billion the same period in 2017.

The SiriusXM acquisition, which had been approved in Europe in November (despite neither company operating in the region), was approved in a special meeting of Pandora stockholders, which overwhelmingly approved the proposal. The acquisition is completed as of now, and will be converted to 1.44 shares in SiriusXM.

Moving forward, SiriusXM CEO Jim Meyer will take over about the combined companies, which will become an industry-leading digital-audio company that generated nearly $ 7 billion in revenue in 2017. In addition to Lynch, Pandora CFO Naveen Chopra, chief human resources officer Kristen Robinson and general counsel Steve Bene will also exit Once the transaction was finalized

This story first appeared on Billboard.com


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