According to a report from the Wall Street Journal, Sirius XM is set to purchase Pandora Media for over $3 billion.

With this play, this will put Sirius XM in significant competition with streaming companies like Spotify. Siriusโ€™ deal to purchase Pandora is set to put the market value of the company near $30 billion, which will rival the value of Spotify.

Sirius XM Chief Executive Jim Meyer issued a statement on the acquisition, saying โ€œThis transaction is all about creating growth opportunities together that are not available to the separate companies.โ€