Sirius XM today announced that it intends to acquire Internet radio provider Pandora.

The all-stock transaction, which was unanimously approved by both companies’ board of directors, has been pegged at approximately $3.5 billion. The deal is expected to close during 2019’s first quarter.

The world’s largest radio streaming service, Pandora provides both free and paid music streaming to more than 70 million monthly listeners, approx. six million of whom are paid subscribers.

Pandora earlier this year acquired digital audio tech firm AdsWizz. In October 2015, it purchased live events company Ticketfly.

In a Monday press release, Sirius CEO Jim Meyer said the acquisition would diversify the streaming company’s revenue streams, broadens its technical capabilities and expand its efforts to reach new listeners, creating “significant opportunities to drive innovation that will accelerate growth beyond what would be available to the separate companies,." in a way that “benefits consumers, artists, and the broader content communities.."

The New York-based satellite radio giant, which currently owns a 15 percent stake in Pandora, boasts more than 36 million subscribers in North America.

“We have long respected Pandora and their team for their popular consumer offering that has attracted a massive audience, and have been impressed by Pandora’s strategic progress and stronger execution. We believe there are significant opportunities to create value for both companies’ stockholders by combining our complementary businesses,." Meyer said. “Together, we will deliver even more of the best content on radio to our passionate and loyal listeners, and attract new listeners, across our two platforms.."