Jem Aswad Senior Music EditorEven with a streaming market that’s actually been made more robust by the pandemic, SiriusXM plans to write down the value of its Pandora streaming service by around $1 billion, down 40% from the $3.5 billion price it paid for the company at the close of the acquisition in February of 2019, as noted by Billboard.The company cited the streamer’s “royalty cost structure” as the cause in a press release that led with good news about SiriusXM meeting or exceeding its guidance for 2020 and adding more than 900,000 self-pay subscribers.
The company’s new CEO, Jennifer Witz, said on Thursday that anticipated increases in royalty costs will have “a meaningful impact on Pandora’s profitability,” which will place the.
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