Sirius XM Announces Minority Investment In SoundCloud - Quick Facts

(RTTNews) - SiriusXM Holdings Inc. (SIRI) has invested $75 million in SoundCloud, an open audio platform powered by a connected community of creators. The SoundCloud Board will expand to include two individuals designated by SiriusXM.

The investment follows the ad sales relationship between SoundCloud and Pandora, a subsidiary of SiriusXM. The companies stated that the agreement enables advertisers and brands to purchase SoundCloud's U.S. ad inventory directly through Pandora.

Jim Meyer, Chief Executive Officer of SiriusXM, said: "We believe this is another opportunity to continue creating value for SiriusXM stockholders by investing in expanding digital audio platforms."