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SiriusXM Purchases Pandora Radio For $3.5 Billion

SiriusXM buys Pandora for $3.5 billion

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On Monday morning it was reported that radio service SiriusXM had acquired Pandora Radio for $3.5 Billion. The two companies struck a deal that will see Sirius making a $480 million cash investment in the streaming radio giant, back in June 2017. The deal profits Pandora at $10.14, 12% greater than their closing price on Friday.

SiriusXM CEO Jim Meyer stated that,

“To be clear, this is a smart financial decision – it is not a merger or business combination. As such, it’s business as usual for us at SiriusXM. You should stay focused on delivering our unparalleled exclusive content and compelling bundle of audio programming, as well as our array of connected vehicle services. We will continue to succeed by providing the best service and content, building our subscriber base, and delivering strong financial performance.”

In Q1 of 2018, Pandora’s complete subscription revenue grew 61.3% to $104.7 million. In Q2 of 2018, Pandora disclosed $384.8 million in revenue, a 12% yearly increase. The advertiser revenue per minute also reached $68.75, a new growth for the company. Although Pandora has been around for almost two decades, it has struggled to gain traction against new streaming services like Tidal, Apple Music, and Spotify in recent years.

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Gabrielle Union Fired From “America’s Got Talent” For Speaking Up About Racism & Sexism

Gabrielle Union was the #1 talent on network TV for 2019. ‘America’s Got Talent decided not to renew her contract after being the #1 talent on the show. Why?

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Season 14 of America’s Got Talent ran from May to September of this year, crowning Kodi Lee as its winner. Terry Crews was introduced as this seasons new permanent host, as well as the addition of Julianne Hough and Gabrielle Union as judges joining Simon Cowell and Howie Mandel at the judges table. The two replaced longtime judges Melanie Brown (Spice Girls) and model-host Heidi Klum.

On November 22nd multiple sources confirmed that Gabrielle Union & Julianne Hough would not be returning to the judges chair on their NBC hit show. According to reports from LoveBScott, the firing came as a result of Gabrielle Union speaking up about ‘problematic’ situations, including racism, sexism, and more.

A source from NBC told the outlet the following about Union’s reported firing:

“[Gabrielle’s] contract was not renewed after being the #1 talent on the show, NBC and network TV. She set the record for her Golden Buzzer. They only replace the women and blacks at Simon’s whim. She wouldn’t walk away from $12 million because she’s ‘busy.’ Based on weekly interactions on social media, by the time AGT finale aired Gabrielle was the #1 talent on network TV for 2019. Why not pick up someone’s option in extreme success?”

The source also alleges that the firing had nothing to do with either judge’s popularity–because both received more interactions than Howie Mandel, who still has a job.

“Social media engagement is the new measuring stick for talent and Simon isn’t on social media. Juliane and Gabrielle were both way higher ranked/engaged than Howie. The idea the network wants to ‘switch things up’ only applies to women and Black folks. Nick Cannon wasn’t crazy. He walked away from 8-figures over how [AGT] operates.”

Nick Cannon quit “America’s Got Talent” in 2017 after hosting 8 seasons. after being “threatened with termination by executives” over a joke he made about NBC on a Showtime comedy special.

“I was to be punished for a joke … My soul won’t allow me to be in business with corporations that attempt to frown on freedom of speech, censor artists, and question cultural choices. Not to get too detailed but this isn’t the first time executives have attempted to ‘put me in my place’ for so-called unruly actions,” he wrote on Facebook. “I will not stand for it. My moral principles will easily walk away from the millions of dollars they hang over my head.”

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Issa Rae Announces New Record Label, Raedio

Writer, director, producer, and now music executive.

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Issa Rae has launched a new business venture, “Raedio”, a record label in partnership with Atlantic Records.

“Music has always been an essential part of every project I do and working with emerging talent is a personal passion,” — Variety

The writer, director, producer, and now music executive took to Instagram to announce the first artist signed to Raedio, Teamarrr

Atlantic Records Chairman & COO Julie Greenwald said in a statement, “Issa Rae is a next-level, future-thinking creative force who’s been breaking down cultural barriers and conquering one field after another. She’s made music a central character in her artistic evolution, and now she’s brought all that amazing passion, inspiration, and taste to the formation of Raedio. We’re thrilled to be partnering with Issa and her team on this exciting new venture, and TeaMarrr is the perfect artist to launch with.” 

Issa Rae plans to service emerging artists and creators at the highest level. Raedio will provide music supervision for Issa Rae’s HBO show, ‘A Black Lady Sketch Show’ as well as other upcoming studio projects.

“Raedio allows me to continue that work within the music industry and audio entertainment space. The Atlantic Records team are innovators in terms of shifting and shaping culture. I’m excited to join forces with them to discover new artists.”⁣

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Suge Knight Signs Over Life Rights To Ray J

The founder of Death Row Records has entrusted his business handlings to Ray J while he spends time behind bars.

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According to TMZ, Suge Knight has trusted Ray J with his life rights provided that Ray J makes lucrative financial decisions on behalf of his name while he is in prison. Suge Knight was sentenced to 28 years in prison last year with credit for time already served. He ran over 2 men, killing record label owner Terry Kennedy leaving a Tam’s Burgers in Compton where Dr. Dre was filming footage for the 2015 NWA biopic ‘Straight Outta Compton’.

Ray J apparently already has plans with the new venture, reportedly shopping around new projects including documentaries about Suge Knight, Death Row, and a Tupac biopic. He potentially could even bring back Death Row Records if the right investors came along.

This is another lucrative investment for Ray J who already has successful business ventures in music, motorized scooters, headphones, and cannabis. His cannabis business negotiated a healthy $1 million deal back in August

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