Pandora Media Shares Gain

Pandora Media shares edged up after the NY Post said Verizon (VZ) is considering a $100 million investment in the company if Pandora fails to reach an outright sale to SiriusXM (SIRI). Verizon could be interested in data from Pandora’s 80 million, mostly young mobile users, the story noted.

If Pandora and SiriusXM can’t come to terms, Pandora has lined up other options. Private equity firm KKR (KKR) said last month it would invest $150 million in Pandora in return for preferred shares if the firm had not sold itself within 30 days. The 30-day deadline arrives this Thursday. The report said KKR and Verizon would likely team up as a way for Verizon to push further into internet-connected cars.

Leave a Comment