PANDORA TAKES A 'WIZZ

Pandora has completed the acquisition of digital-audio advertising company AdsWizz, the company announced on Tuesday. Pandora paid $66.3m in cash and 9.9m shares of Pandora common stock. An additional $5m in cash is payable if certain goals are achieved.

The release went out nearly simultaneously with the announcement of the launch of Pandora’s Premium Family Plan, which extends the ad-free, on-demand Premium tier to up to six people for $14.99 a month.

“Audio is the fastest growing format in digital advertising and the marketplace is rapidly evolving,” said Pandora CEO Roger Lynch. “Completing the acquisition cements our position in the future of audio, making us more ready than ever to serve publishers and brands worldwide.”

“As a publisher, Pandora has long understood the value that a sophisticated advertising platform can bring to everyone in digital audio,” said CEO Roger Lynch. “We are the leader in this space, and we remain committed to serving all constituents in the ecosystem.”

AdsWizz will operate as a standalone subsidiary of Pandora, with Alexis van de Wyer continuing to run the show.