Satellite radio company, SiriusXM will buy music streaming service Pandora in a $3.5 billion all -stock deal. Pandora shareholders will receive 1.44 shares of newly issued SiriusXM stock for each share owned. The agreement includes a go shop clause which allows Pandora the option to purse other suitors. The deal will push SiriusXM into the largest audio entertainment company in the world. This is the second big move by the satellite provider this year. In July, the company signed a partnership with Netflix to create a comedy channel.
Comcast has emerged as the top bidder for European broadcaster Sky. After three rounds of secret bidding on Friday and Saturday, Comcast offered the higher price of 17.28 pounds ($22.58) per share of Sky beating rival 21st Century Fox bid of 15.67 pounds ($20.47) per share. Britain’s regulators set up the auction to reduce uncertainty for Sky after months of back and forth takeover offers from American media giants. Sky is Europe’s largest pay-television operator, with 22.5 million customers in seven countries. Fox currently owns 39 percent of Sky and will now have to decide if it will sell its shares or keep its stake in the company. The auction closes the book on a bidding war that started in December and involved Comcast, Walt Disney, and 21st Century Fox.
Asia: Asian markets closed mostly in the green as tariffs begin to kick in.
Europe: European stocks closed the week out higher on Friday as investors digested the latest political and corporate news.
U.S: U.S. shares closed mixed on Friday ahead of this week’s Federal Reserve meeting. DJIA: +86.52 26743.50 S&P: -1.08 2929. 67 NASDAQ: -41.28 7986.96
Word of The Day…
A business or bank responsible for managing an individual or institutional investor’s securities portfolio. Typically for a fee, the money manager, has the fiduciary duty to choose and manage investments which are prudent for his or her clients, including developing an investment strategy, and buying and selling securities.
Dinner or Drink:
Legends of The Fall
3/4 oz Jack Daniel’s® Tennessee whiskey
3/4 oz amaretto almond liqueur
2 1/2 oz pineapple juice
1 oz cranberry juice
Fill an old-fashioned glass with ice. Add all ingredients. Stir and serve.