<SEC-DOCUMENT>0000930413-19-000213.txt : 20190131
<SEC-HEADER>0000930413-19-000213.hdr.sgml : 20190131
<ACCEPTANCE-DATETIME>20190131171435
ACCESSION NUMBER:		0000930413-19-000213
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190131
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20190131
DATE AS OF CHANGE:		20190131

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIRIUS XM HOLDINGS INC.
		CENTRAL INDEX KEY:			0000908937
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				383916511
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34295
		FILM NUMBER:		19556714

	BUSINESS ADDRESS:	
		STREET 1:		1290 AVENUE OF THE AMERICAS
		STREET 2:		11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10104
		BUSINESS PHONE:		212-584-5100

	MAIL ADDRESS:	
		STREET 1:		1290 AVENUE OF THE AMERICAS
		STREET 2:		11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIRIUS XM RADIO INC.
		DATE OF NAME CHANGE:	20080805

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIRIUS SATELLITE RADIO INC
		DATE OF NAME CHANGE:	19991228

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CD RADIO INC
		DATE OF NAME CHANGE:	19940203
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c92903_8k.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 14pt/120% Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event
reported): January 31, 2019 (January 31, 2019)</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIRIUS XM HOLDINGS INC.</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified
in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; padding-top: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="width: 36%; padding-top: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>001-34295</B></TD>
    <TD STYLE="width: 32%; padding-top: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>38-3916511</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">(State or other Jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center">of Incorporation)</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; padding-top: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>1290 Avenue of the Americas, 11th Fl., New York, NY</B></TD>
    <TD STYLE="width: 37%; padding-top: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>10104</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(212) 584-5100</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;Former name or former address, if
changed since last report: <B>Not Applicable</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 95%; padding-top: 2pt; padding-bottom: 2pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule&nbsp;12b-2&nbsp;of the Securities
Exchange Act of 1934 (17 CFR&nbsp;&sect;240.12b-2).</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">Emerging growth company&nbsp;&nbsp;<FONT STYLE="font-family: Arial Unicode MS,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;<FONT STYLE="font-family: Arial Unicode MS,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-top: Black 1pt solid; border-bottom: Black 2.25pt solid; padding-left: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
<HR NOSHADE SIZE="1" STYLE="width: 100%; margin-top: 3pt; margin-bottom: 3pt">
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-top: 2pt; padding-bottom: 2pt"><B>Item 1.01</B></TD>
    <TD STYLE="width: 78%; padding-top: 2pt; padding-bottom: 2pt"><B>Entry into a Material Definitive Agreement</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On January 31, 2019, we announced that
our subsidiary, Sirius XM Radio Inc. (&ldquo;Sirius Radio&rdquo;), has received the requisite consents to adopt the proposed amendments
(the &ldquo;2023 Notes Proposed Amendments&rdquo;) to the indenture governing Pandora Media, Inc.&rsquo;s (&ldquo;Pandora&rdquo;)
1.75% Convertible Senior Notes due 2023 (the &ldquo;2023 Notes&rdquo;) in connection with Sirius Radio&rsquo;s previously announced
solicitation of consents with respect thereto (the &ldquo;2023 Notes Consent Solicitation&rdquo;), which expired at 5:00 p.m.,
New York City time, on January 31, 2019.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Following the receipt of the requisite
consents with respect to the 2023 Notes, on January 31, 2019,&nbsp;Pandora and Citibank, N.A., as trustee under the indenture governing
the 2023 Notes (the &ldquo;Trustee&rdquo;), executed the First&nbsp;Supplemental Indenture, dated as of January 31, 2019 (the &ldquo;2023
Notes First Supplemental Indenture&rdquo;), to the indenture governing the 2023 Notes, dated as of June 1, 2018 (the &ldquo;2023
Notes Indenture&rdquo;), between Pandora and the Trustee, giving effect to the 2023 Notes Proposed Amendments. The 2023 Notes Proposed
Amendments will expressly permit the transactions contemplated by our previously announced agreement and plan of merger and reorganization
with Pandora (the &ldquo;Acquisition&rdquo;). The 2023 Notes Proposed Amendments also provide each holder of the 2023 Notes with
a right to require Pandora to repurchase such holder&rsquo;s 2023 Notes at a price equal to 100% of the principal amount thereof,
plus accrued and unpaid interest thereon to, but excluding, the applicable repurchase date, subject to certain conditions, including
that the secondary market trading price of the 2023 Notes is below 100% for a specified number of trading days.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The 2023 Notes Supplemental Indenture became
effective upon execution thereof, but the 2023 Notes Proposed Amendments will not become operative until satisfaction or waiver
of the conditions to the 2023 Notes Consent Solicitation, including that all conditions precedent to the closing of the Acquisition
have been satisfied or waived at or prior to February 15, 2019 and payment of the consent fee, which Sirius Radio expects to occur
on the closing date of the Acquisition.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing description of the 2023 Notes
Supplemental Indenture is not complete and is qualified in its entirety by reference to the 2023 Notes Supplemental Indenture,
a copy of which is attached hereto as Exhibit 4.1 and is incorporated by reference into this Item 1.01.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-top: 2pt; padding-bottom: 2pt"><B>Item 3.03</B></TD>
    <TD STYLE="width: 78%; padding-top: 2pt; padding-bottom: 2pt"><B>Material Modification to Rights of Security Holders</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The information set forth above under Item
1.01 with respect to the 2023 Notes Supplemental Indenture is hereby incorporated by reference into this Item 3.03.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-top: 2pt; padding-bottom: 2pt"><B>Item 8.01</B></TD>
    <TD STYLE="width: 78%; padding-top: 2pt; padding-bottom: 2pt"><B>Other Events</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A copy of the press release announcing
the expiration of the 2023 Notes Consent Solicitation and receipt of the requisite consents to the 2023 Notes Proposed Amendments
is attached hereto as Exhibit 99.1 and incorporated herein by reference into this Item 8.01.<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
<P STYLE="font: 10pt/2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
<HR NOSHADE SIZE="1" STYLE="width: 100%; margin-top: 3pt; margin-bottom: 3pt">
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-top: 2pt; padding-bottom: 2pt"><B>Item 9.01</B></TD>
    <TD STYLE="width: 78%; padding-top: 2pt; padding-bottom: 2pt"><B>Financial Statements and Exhibits</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) Exhibits.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; padding-top: 2pt; padding-bottom: 2pt"><B>&#9;<U>Exhibit Number</U></B></TD>
    <TD STYLE="width: 72%; padding-top: 2pt; padding-bottom: 2pt"><B><U>Description of Exhibit</U></B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt">&#9;4.1</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="color: blue"><U><A HREF="c92903_ex4-1.htm" STYLE="-sec-extract: exhibit">First Supplemental Indenture, dated as of January 31, 2019, relating to the 1.75% Convertible Senior Notes due 2023, between Pandora Media, Inc. and Citibank, N.A., as trustee</A></U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&#9;99.1</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="color: blue"><U><A HREF="c92903_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release dated January 31, 2019</A></U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
<HR NOSHADE SIZE="1" STYLE="width: 100%; margin-top: 3pt; margin-bottom: 3pt">
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt">SIRIUS XM HOLDINGS INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="width: 36%; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">/s/ Patrick L. Donnelly</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0">Patrick L. Donnelly</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Executive Vice President, General</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt">Counsel and Secretary</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">Dated: January 31, 2019</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR NOSHADE SIZE="1" STYLE="width: 100%; margin-top: 3pt; margin-bottom: 3pt">

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>c92903_ex4-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PANDORA MEDIA, INC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AND</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CITIBANK, N.A.,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Trustee</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FIRST SUPPLEMENTAL INDENTURE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">January 31, 2019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1.75% Convertible Senior Notes Due 2023</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">FIRST SUPPLEMENTAL INDENTURE,
dated as of January 31, 2019 (this &ldquo;<B>Supplemental Indenture</B>&rdquo;), between Pandora Media, Inc., a Delaware corporation
(the &ldquo;<B>Company</B>&rdquo;), and Citibank, N.A., a national banking association, as trustee (the &ldquo;<B>Trustee</B>&rdquo;),
to the Indenture, dated as of June 1, 2018 (the &ldquo;<B>Original Indenture</B>&rdquo;), between the Company and the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">WHEREAS, the Company
has heretofore executed and delivered the Original Indenture, pursuant to which the Company issued its 1.75% Convertible Senior
Notes Due 2023 (the &ldquo;<B>Notes</B>&rdquo;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">WHEREAS, Sirius XM Radio
Inc. (&ldquo;<B>Sirius</B>&rdquo;), on behalf of the Company, has solicited consents (each a &ldquo;<B>Consent</B>&rdquo; and collectively
the &ldquo;<B>Consents</B>&rdquo;) of Holders to the amendments of the Original Indenture and to the Notes set forth in Article
II of this Supplemental Indenture (the &ldquo;<B>Amendments</B>&rdquo;) upon the terms and subject to the conditions set forth
in the Consent Solicitation Statement, dated January 18, 2019, as amended, including by the Supplement thereto dated January 31,
2019 (together, the &ldquo;<B>Consent Solicitation Statement</B>&rdquo;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">WHEREAS, Section 10.02
of the Original Indenture provides that the Company and the Trustee may amend or supplement the Original Indenture with the consent
of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">WHEREAS, Sirius has
received and delivered to the Company and the Trustee written evidence of the Consents from Holders of more than a majority of
the outstanding aggregate principal amount of the Notes to effect the Amendments;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">WHEREAS, the Board of
Directors of the Company by resolutions adopted on January 17, 2019 has duly authorized, on behalf of the Company, this Supplemental
Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">WHEREAS, in connection
with the execution and delivery of this Supplemental Indenture, the Trustee has received an Officers&rsquo; Certificate and an
Opinion of Counsel as contemplated by Section 10.05 of the Original Indenture; and</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">WHEREAS, the Company
has requested that the Trustee execute and deliver this Supplemental Indenture and has satisfied all requirements necessary to
make this Supplemental Indenture a valid instrument in accordance with its terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITNESSETH:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">NOW THEREFORE, each
party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0pt"><FONT STYLE="color: #010000">ARTICLE
I</FONT><BR>
<BR>
DEFINITIONS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">Section
1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Definitions in the Supplemental Indenture</I>. Unless otherwise specified herein or
the context otherwise requires:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a
term defined in the Original Indenture has the same meaning when used in this Supplemental Indenture unless the definition of such
term is amended or supplemented pursuant to this Supplemental Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
terms defined in this Article and in this Supplemental Indenture include the plural as well as the singular;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>unless
otherwise stated, a reference to a Section or Article is to a Section or Article of this Supplemental Indenture; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Article
and Section headings herein are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">Section
1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Definitions in the Original Indenture</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Original Indenture is hereby amended and supplemented by adding the following additional definitions to Section 1.01 of the Original
Indenture in the appropriate alphabetical order:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&ldquo;<B>Notes Trading Price</B>&rdquo;
shall have the meaning specified in Section 18.03.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><B>&ldquo;Special Repurchase&rdquo;</B> shall
have the meaning specified in Section 18.01.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&ldquo;<B>Special Repurchase Date&rdquo;</B>
shall have the meaning specified in Section 18.01.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&ldquo;<B>Special Repurchase Event</B>&rdquo;
shall have the meaning specified in Section 18.03.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><B>&ldquo;Special Repurchase Notice&rdquo;</B>
shall have the meaning specified in Section 18.01.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><B>&ldquo;Special Repurchase Price&rdquo;</B>
shall have the meaning specified in Section 18.01.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&ldquo;<B>Transactions</B>&rdquo; shall have
the meaning specified in Section 4.05.</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0pt"><FONT STYLE="color: #010000">ARTICLE
II</FONT><BR>
AMENDMENTS TO THE ORIGINAL INDENTURE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">Section
2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Original Indenture is hereby amended as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Section
4.05 of the Original Indenture is hereby amended and restated in full to read as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;Section 4.05.
<I>Existence. </I>Subject to Article 11, the Company shall do or cause to be done all things necessary to preserve and keep in
full force and effect its existence as an entity; for the avoidance of doubt, this Section 4.05 shall not prohibit the Company
from consummating the transactions (the &ldquo;<B>Transactions</B>&rdquo;) contemplated under the Agreement and Plan of Merger
and Reorganization, dated as of September 23, 2018, among Sirius XM Holdings Inc., White Oaks Acquisition Corp., Pandora Media,
Inc., Sirius XM Radio Inc., Billboard Holding Company, Inc. and Billboard Acquisition Sub, Inc., including the Company&rsquo;s
conversion to a limited liability company or other organizational form.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Original Indenture is hereby amended to insert a new Section 4.10 to read as follows and the corresponding change shall be made
to the Original Indenture&rsquo;s Table of Contents:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;Section 4.10.
<I>Transactions Permitted</I>. Notwithstanding any other provision of this Indenture, the Transactions and the consummation thereof
are, for the avoidance of doubt, permitted under and not prohibited by this Indenture and shall not result in any Default or Event
of Default under this Indenture.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Original Indenture is hereby amended to insert a new Article 18 to read as follows and the corresponding change shall be made to
the Original Indenture&rsquo;s Table of Contents:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&ldquo;ARTICLE 18</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Special
Repurchase of Notes at Option of Holders</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Section 18.01<I>.
Special Repurchase at Option of Holders. </I>(a) Each Holder shall have the right at any time following the date of the
consummation of the Transactions until the Maturity Date, at such Holder&rsquo;s option, to require the Company to repurchase
(any such repurchase, a &ldquo;<B>Special Repurchase</B>&rdquo;), on one or more occasions, for cash all of such
Holder&rsquo;s Notes, or any portion thereof that is equal to $1,000 or a multiple thereof, on the date (the
&ldquo;<B>Special Repurchase Date</B>&rdquo;) that is 5 Business Days following the date of receipt by the Company of a
Special Repurchase Notice delivered in accordance with Section 18.01(b) at a repurchase price equal to 100% of the principal
amount thereof, <I>plus </I>accrued and unpaid interest thereon to, but excluding, the Special Repurchase Date (the
&ldquo;<B>Special Repurchase Price</B>&rdquo;), unless the Special Repurchase Date falls after a Regular Record Date but on
or prior to the Interest Payment Date to which such Regular Record Date relates, in which case the Company shall instead pay
the full amount of accrued and unpaid interest to Holders of record as of such Regular Record Date, and the Special </P>


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Repurchase Price
shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this Article 18.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Repurchases
of Notes under this Section 18.01 shall be made, at the option of the Holder thereof, upon:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 36pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 36pt"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
delivery to the Company and the Paying Agent by a Holder of a duly completed notice (the &ldquo;<B>Special Repurchase Notice</B>&rdquo;)
in the form attached to the Indenture as Exhibit B, if the Notes are Physical Notes, and in compliance with the Depositary&rsquo;s
procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each case within the 10 Business Day period
immediately after the last day of the 10 consecutive Trading Day period related to the relevant Special Repurchase Event; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 36pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 36pt"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>delivery
of the Notes, if the Notes are Physical Notes, to the Paying Agent at any time after delivery of the Special Repurchase Notice
(together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry transfer
of the Notes, if the Notes are Global Notes, in compliance with the procedures of the Depositary, in each case such delivery being
a condition to receipt by the Holder of the Special Repurchase Price therefor, together with such other documentation the Company
may deem necessary in connection with any such Special Repurchase.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.2pt; text-align: justify">The Special Repurchase Notice
in respect of any Notes to be repurchased shall state:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 36pt"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>that
a Special Repurchase Event has occurred (and shall include evidence of the occurrence of such Special Repurchase Event reasonably
satisfactory to the Company);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 36pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 36pt"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in
the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 36pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 36pt"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
portion of the principal amount of Notes to be repurchased, which if repurchased in part, must be $1,000 or a multiple thereof;
and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 36pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: 36pt"><FONT STYLE="color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>that
the Notes are to be repurchased by the Company pursuant to Article 18 of this Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>provided</I>, <I>however</I>, that if
the Notes are Global Notes, the Special Repurchase Notice must also comply with appropriate Depositary procedures.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">18.02<I>. Deposit of
Special Repurchase Price. </I>(a) The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or
if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) on or prior
to 11:00 a.m., New York City time, on the relevant Special Repurchase Date an amount of money sufficient to repurchase all of the
Notes to be repurchased at the Special Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying
Agent appointed by the Company), payment </P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">for Notes surrendered
for repurchase will be made on the later of (i) the Special Repurchase Date (<I>provided </I>the Holder has satisfied the conditions
in Section 18.01) and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed
by the Company) by the Holder thereof in the manner required by Section 18.01 by mailing checks for the amount payable to the Holders
of such Notes entitled thereto as they shall appear in the Note Register; <I>provided</I>, <I>however</I>, that payments to the
Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee
shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the sum
of (1) the Special Repurchase Price and (2) if applicable, accrued and unpaid interest, in each case, in respect of all of the
Notes to be so repurchased on such Special Repurchase Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
by 11:00 a.m. New York City time, on the Special Repurchase Date, the Trustee (or other Paying Agent appointed by the Company)
holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such Special Repurchase
Date, then, with respect to the Notes that have been properly surrendered for repurchase, (i) such Notes will cease to be outstanding,
(ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the Notes have
been delivered to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than
the right to receive the Special Repurchase Price and, if applicable, accrued and unpaid interest).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
surrender of a Note that is to be repurchased in part pursuant to Section 18.01, the Company shall execute and the Trustee shall
authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased
portion of the Note surrendered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">18.03. <I>Certain Definitions
in Respect of the Special Repurchase at Option of Holders.</I> For purposes of this Article 18:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">A &ldquo;<B>Special
Repurchase Event</B>&rdquo; shall have occurred if, on at least 3 Trading Days during any 10 consecutive Trading Day period following
the date of the consummation of the Transactions, the Notes Trading Price is less than 100% of the principal amount thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The &ldquo;<B>Notes
Trading Price</B>&rdquo; means, on any date of determination, the secondary market bid quotation obtained by any Holder delivering
a Special Repurchase Notice for at least $1,000,000 principal amount of Notes on such determination date from an independent nationally
recognized securities dealer.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Original Indenture is hereby amended to insert a new Exhibit B in the form attached as &ldquo;Exhibit B&rdquo; hereto and the corresponding
change shall be made to the Original Indenture&rsquo;s Table of Contents.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0pt"><FONT STYLE="color: #010000">ARTICLE
III</FONT><BR>
<BR>
MISCELLANEOUS</P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">Section
3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Operativeness of Amendments</I>. This Supplemental Indenture will become effective
immediately upon its execution and delivery by the parties hereto but the Amendments set forth in Article II of this Supplemental
Indenture will not become operative unless and until the Consent Fee (as defined in the Consent Solicitation Statement) with respect
to the Notes is paid in accordance with the terms and conditions of the Consent Solicitation Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">Section
3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Ratification of Original Indenture</I>. The Original Indenture, as supplemented by
this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of
the Original Indenture in the manner and to the extent herein and therein provided.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">Section
3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Trustee Not Responsible for Recitals</I>. The recitals herein contained are made by
the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no
representation as to the validity or sufficiency of this Supplemental Indenture. All of the provisions contained in the Original
Indenture in respect of the rights, privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of
this Supplemental Indenture as fully and with like force and effect as though set forth in full herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">Section
3.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Governing Law</I>. THIS SUPPLEMENTAL INDENTURE AND ANY CLAIM, CONTROVERSY OR DISPUTE
ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt; color: #010000">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">Section
3.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Execution in Counterparts</I>. This Supplemental Indenture may be executed in any number
of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.
The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original
Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be
their original signatures for all purposes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page Follows]</P>


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">IN WITNESS WHEREOF,
the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">PANDORA MEDIA, INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1px solid">/s/ Naveen Chopra</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Naveen Chopra</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CITIBANK, N.A., as Trustee</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1px solid">/s/ Danny Lee</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Danny Lee</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Trust Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SIGNATURE PAGE TO FIRST SUPPLEMENTAL INDENTURE</P>
<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT B</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF SPECIAL REPURCHASE NOTICE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To: Pandora Media, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To: Citibank, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">480 Washington Boulevard, 30<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jersey City, New Jersey 07310</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Securities Window&mdash;Pandora Media, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.2pt">The undersigned registered owner of the
Notes set forth below, in accordance with and subject to Article 18 of the Indenture dated as of June 1, 2018, between Pandora
Media, Inc. (the &ldquo;<B>Company</B>,&rdquo; which term includes any successor entity under the Indenture) and Citibank, N.A.
(the &ldquo;<B>Trustee</B>&rdquo;), together with all amendments and supplements thereto (the &ldquo;<B>Indenture</B>&rdquo;),
hereby represents and warrants that a Special Repurchase Event has occurred (and has attached evidence in support thereof in Annex
I hereto) and therefore requests and instructs the Company to pay to the undersigned in accordance with Section 18.01 of the Indenture
(1) the entire principal amount of such Holder&rsquo;s Notes set forth below, or the portion thereof (that is $1,000 principal
amount or a multiple thereof) below designated, and (2) if such Special Repurchase Date does not fall during the period after a
Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to,
but excluding, such Special Repurchase Date. Capitalized terms used herein but not defined herein shall have the meanings ascribed
to such terms in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-top: black 3px double; border-right: black 3px double; border-bottom: Black 1px solid; border-left: black 3px double; padding: 5pt 3.1pt 3pt">

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF NOTES FOR REPURCHASE</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-left: black 3px double; padding: 5pt 3.1pt 3pt; border-bottom: Black 1px solid; border-right: Black 1px solid; font-size: 8pt"><FONT STYLE="font-size: 8pt">Name(s) and Address(es) of <BR>
Registered Holder(s)</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1px solid; padding: 5pt 3.1pt 3pt"><FONT STYLE="font-size: 8pt">Certificate Number(s)</FONT><FONT STYLE="font-size: 9pt"><SUP>*</SUP></FONT></TD>
    <TD STYLE="width: 25%; border-left: Black 1px solid; padding: 5pt 3.1pt 3pt; border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">Aggregate Principal Amount of<BR>
 Certificate(s)</FONT><FONT STYLE="font-size: 9pt"><SUP>**</SUP></FONT></TD>
    <TD STYLE="width: 25%; border-left: Black 1px solid; padding: 5pt 3.1pt 3pt; border-bottom: Black 1px solid; border-right: black 3px double"><FONT STYLE="font-size: 8pt">Principal Amount to be<BR>
 Repurchased</FONT><FONT STYLE="font-size: 9pt"><SUP>**</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1px solid; border-left: black 3px double; border-bottom: Black 1px solid; padding-right: 3.1pt; padding-left: 3.1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; padding-right: 3.1pt; padding-left: 3.1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 3.1pt; padding-left: 3.1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-right: black 3px double; border-left: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3.1pt; padding-left: 3.1pt; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; padding-right: 3.1pt; padding-left: 3.1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 3.1pt; padding-left: 3.1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-right: black 3px double; border-left: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3.1pt; padding-left: 3.1pt; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; padding-right: 3.1pt; padding-left: 3.1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 3.1pt; padding-left: 3.1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-right: black 3px double; border-left: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3.1pt; padding-left: 3.1pt; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: black 3px double; border-left: black 3px double; border-bottom: Black 1px solid; padding-right: 3.1pt; padding-left: 3.1pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 5pt 0 0pt 28.1pt; text-indent: -28.1pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Need
        not be completed by Holders whose Notes are held of record by depositories.</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 5pt 0 0pt 18pt; text-indent: -18pt">**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Must
        be an integral of $1,000. Unless otherwise indicated in the column labeled &ldquo;Principal Amount to be Repurchased,&rdquo; the
        Holder will be deemed to have elected repurchase in respect of the entire aggregate principal amount represented by the Notes indicated
        in the column labeled &ldquo;Aggregate Principal Amount of Certificate(s).&rdquo;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: black 3px double; border-bottom: black 3px double; border-left: black 3px double; padding-right: 3.1pt; padding-left: 28.1pt; font-size: 8pt; text-indent: -28.1pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Dated:&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 65%; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 252pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 35%; font-size: 10pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Signature(s)</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Social Security or Other Taxpayer Identification Number</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>c92903_ex99-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SIRIUSXM ANNOUNCES EXPIRATION OF CONSENT SOLICITATION
</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>WITH RESPECT
TO PANDORA MEDIA&rsquo;S CONVERTIBLE NOTES DUE 2023</B></FONT><BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>NEW YORK &ndash; January 31, 2019 &ndash;
</B>Sirius XM Holdings Inc. (NASDAQ: SIRI) today announced that the previously announced consent solicitation by Sirius XM Radio
Inc., its subsidiary, with respect to certain proposed amendments to the indenture governing Pandora Media, Inc.&rsquo;s 1.75%
Convertible Senior Notes due 2023 (the &ldquo;2023 Notes&rdquo;) expired at 5:00 p.m., New York City time, on January 31, 2019
(the &ldquo;2023 Notes Expiration Time&rdquo;). As of the 2023 Notes Expiration Time, Sirius XM Radio Inc. had received valid consents
in respect of at least a majority of the aggregate principal amount of all outstanding 2023 Notes (the &ldquo;2023 Notes Requisite
Consents&rdquo;) to the proposed amendments with respect to the indenture governing the 2023 Notes. Promptly upon receipt of the
2023 Notes Requisite Consents on January 31, 2019, Pandora Media, Inc. and Citibank, N.A., the trustee under the indenture for
the 2023 Notes, entered into a supplemental indenture to the indenture governing the 2023 Notes implementing the proposed amendments
with respect to the 2023 Notes, at which time such supplemental indenture became effective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subject to the terms and conditions set forth
in the Consent Solicitation Statement, dated January 18, 2019 (as supplemented, including by the Supplement dated January 31, 2019),
and the related consent form, including that all conditions precedent to the closing of the Acquisition (defined below) have been
satisfied or waived at or prior to February 15, 2019 (the &ldquo;Consent Conditions Outside Date&rdquo;), holders of 2023 Notes
as of 5:00 p.m., New York City time, on January 17, 2019 whose consents were received (and not validly revoked) at or prior to
the 2023 Notes Expiration Time, will be eligible to receive a cash payment (the &ldquo;Consent Fee&rdquo;) of $3.75 per $1,000
principal amount of such Notes, promptly after all conditions to the consent solicitation shall have been satisfied or waived,
and in no event later than the closing date of the Acquisition. Holders of 2023 Notes that provide consents after the 2023 Notes
Expiration Time will not receive the Consent Fee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposed amendments will become operative
only upon the payment of the Consent Fee, which Sirius XM Radio Inc. expects to occur on the closing date of Sirius XM Holdings
Inc.&rsquo;s previously announced acquisition of Pandora Media, Inc. (the &ldquo;Acquisition&rdquo;). If the Consent Fee is not
paid, the proposed amendments will not become operative and will be deemed to be revoked retroactively to the date of the supplemental
indenture. Upon the proposed amendments becoming effective and operative, all the holders of the 2023 Notes and their respective
transferees will be bound by the terms thereof, even if they did not deliver consents to the proposed amendments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">BofA Merrill Lynch acted as solicitation agent
in connection with the consent solicitation. D.F. King &amp; Co., Inc. is acting as the information, tabulation and paying agent
for the consent solicitations. Questions may be directed to D.F. King at (800) 676-7437 (toll free) or (212) 269-5550 (bankers
and brokers).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This announcement is neither an offer to purchase nor a solicitation
of an offer to sell the 2023 Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About SiriusXM </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sirius XM Holdings Inc. (NASDAQ: SIRI) is the
world's largest radio company measured by revenue and has approximately 34 million subscribers. SiriusXM creates and offers commercial-free
music; premier sports talk and live events; comedy; news; exclusive talk and entertainment, and a wide-range of Latin music, sports
and talk programming. SiriusXM is available in vehicles from every major car company and on smartphones and other connected devices
as well as online at&nbsp;siriusxm.com. SiriusXM radios and accessories are available from retailers nationwide and online at SiriusXM.
SiriusXM also provides premium traffic, weather, data and information services for subscribers through SiriusXM Traffic&trade;,
SiriusXM Travel Link, NavTraffic&reg;, NavWeather&trade;. SiriusXM delivers weather, data and information services to aircraft
and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"></DIV>
<HR NOSHADE SIZE="1" STYLE="width: 100%; margin-top: 3pt; margin-bottom: 3pt">    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">boats through SiriusXM Aviation&trade; and SiriusXM Marine&trade;. In addition, SiriusXM Music for Business provides commercial-free
music to a variety of businesses. SiriusXM holds a minority interest in SiriusXM Canada which has approximately 2.7 million subscribers.
SiriusXM is also a leading provider of connected vehicles services, giving customers access to a suite of safety, security, and
convenience services including automatic crash notification, stolen vehicle recovery assistance, enhanced roadside assistance and
turn-by-turn navigation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><B><U>FORWARD-LOOKING STATEMENTS</U></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><I>&nbsp;</I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>This communication contains &quot;forward-looking
statements&quot; within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not
limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect
to future operations, products and services; and other statements identified by words such as &quot;will likely result,&quot; &quot;are
expected to,&quot; &quot;will continue,&quot; &quot;is anticipated,&quot; &quot;estimated,&quot; &quot;believe,&quot; &quot;intend,&quot;
&quot;plan,&quot; &quot;projection,&quot; &quot;outlook&quot; or words of similar meaning. Such forward-looking statements are
based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic
and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual
results and the timing of events may differ materially from the results anticipated in these forward-looking statements. </I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><I>The following factors,
among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations
expressed in the forward-looking statements: our substantial competition, which is likely to increase over time; our ability to
attract or increase the number of subscribers, which is uncertain; our ability to profitably attract and retain more price-sensitive
consumers; failure to protect the security of personal information about our customers; interference to our service from wireless
operations; a decline in the effectiveness of our extensive marketing efforts; consumer protection laws and their enforcement;
our failure to realize benefits of acquisitions or other strategic initiatives, including the acquisition of Pandora Media, Inc.;
unfavorable outcomes of pending or future litigation; the market for music rights, which is changing and subject to uncertainties;
our dependence upon the auto industry; general economic conditions; existing or future government laws and regulations could harm
our business; failure of our satellites would significantly damage our business; the interruption or failure of our information
technology and communications systems; rapid technological and industry changes; failure of third parties to perform; our failure
to comply with FCC requirements; modifications to our business plan; our indebtedness; damage to our studios, networks or other
facilities as a result of terrorism or natural catastrophes; our principal stockholder has significant influence over our affairs
and over actions requiring stockholder approval and its interests may differ from interests of other holders of our common stock;
impairment of our business by third-party intellectual property rights; and changes to our dividend policies which could occur
at any time. Additional factors that could cause our results to differ materially from those described in the forward-looking statements
can be found in our Annual Report on Form 10-K for the year ended December 31, 2018, which is filed with the Securities and Exchange
Commission (the &quot;SEC&quot;) and available at the SEC's Internet site (http://www.sec.gov).
The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward
looking statements as a result of developments occurring after the date of this communication.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Contact for SiriusXM:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Investors:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Hooper Stevens<BR>
212-901-6718<BR>
hooper.stevens@siriusxm.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Media:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Patrick Reilly<BR>
212-901-6646<BR>
patrick.reilly@siriusxm.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<HR NOSHADE SIZE="1" STYLE="width: 100%; margin-top: 3pt; margin-bottom: 3pt">


<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
