Pandora Shares Up Thursday After Renewed Reports of SiriusXM Discussions
Revived rumors of SiriusXM’s interest in acquiring Pandora sent the music-streaming company’s shares up 5.5 percent Thursday to close at $9.42, after the New York Post Wednesday reported that the Liberty Media-owned satellite broadcasting company is in “active discussions” about…
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making a bid for Pandora. Struggling Pandora received $150 million in capital funding by private equity firm KKR earlier this month (see 1705090039), which some analysts said reduced the likelihood of a near-term sale. SiriusXM has exhibited “on-and-off interest” in Pandora, said the Post. Pandora launched its Premium on-demand service in March, and CEO Tim Westergren said on an earnings call last week about 500,000 users were participating in a Premium trial. The company announced last week it was seeking upcoming changes to its board to provide “additional expertise and leadership.” A Pandora spokeswoman told us the company doesn't comment on rumors or speculation.