The Wall St. Journal reports that Spotify is planning to buy the company’s music rights for a hefty sum of money in a $5 billion deal that could make it the largest music company in the world.

Spotify’s $5.2 billion acquisition of Pandora, which had nearly 50 percent of the U.S. music market, has been in the works for several months, according to a report from The Wall Streets Journal.

The deal could give Spotify access to a massive library of music and content, including millions of songs from artists including Taylor Swift and the R&B band Bruno Mars, according the report.

The Wall Street Post also reported that Spotify’s chief executive, Daniel Ek, will join the Pandora board as part of the deal.

The acquisition of the Pandora rights is part of a larger $1.6 billion investment by Spotify that could help the company continue its aggressive expansion into digital distribution, the Post reported.

While the deal could make Spotify the biggest music company, it would also give it an opportunity to compete against other streaming services such as Apple Music and Spotify, which are growing quickly, the report said.

The company is already expanding its reach into the radio, video, and streaming worlds with the launch of a digital-only radio station, which launched last month.