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. Sirius’ 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 “This transaction is all about creating growth opportunities together that are not available to the separate companies.”