Both names in that headline are little known in Canada.
Liberty Media holds the controlling stake in SiriusXM and a one-third stake in Live Nation Entertainment (the big ticketing business). Liberty's CEO is Greg Maffei, onetime Microsoft CFO, who left the Seattle company to found 360 Networks, a company based for a while in Gastown. 360 specialized in buying up so-called dark-fibre but the company eventually foundered.
Pandora of course is the long-running and biggest of the music streamers. However it pays far greater royalties for music (and was hit with a $90 million penalty recently) than do the other streamers. Pandora was accessible in Canada for a number of years until geo-blocking was invoked. However, unlike Netflix, Pandora's geo-blocking is relatively mild and is easily circumvented with free services such as Tunnel Bear.
Why would Liberty want Pandora? After all, SiriusXM is now a solid business model, both on a subscriber basis and on the basis of deals with car manufacturers.
Well, as cars become Internet hotspots and as data use fees drop there is the strong likelihood that satellite radio subscribers will turn their backs on $15/month fees in favour of cheap or free services such as Pandora (which operates much like a radio station, at least in terms of advertising).
As they say in radio, stay tuned.