Pandora stock is soaring on a New York Post report that satellite-radio powerhouse SiriusXM is in "active discussions" to buy the internet-radio pioneer.
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Pandora stock is soaring following a report that SiriusXM is in talks to buy it (P)
Pandora stock is soaring on a New York Post report that satellite-radio powerhouse Sirius XM is in "active discussions" to buy the internet-radio pioneer.
Tim Westergren
The stock is up ~7.5% in trading this morning.
Pandora has endured on-an-off M&A rumors for months, as it tries to re-invent its business with the launch of an on-demand competitor to Spotify and Apple Music. That product finished its rollout last month.
Liberty Media, which controls satellite-radio powerhouse SiriusXM, has been seen as the only real buyer in town.
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That means Pandora has had to endure stock swings whenever Liberty Media CEO Greg Maffei talks publicly about the company — which is often.
Most recently, earlier this month, Maffei talked unenthusiastically about Pandora's KKR investment. In its quarterly earnings report, Pandora announced it had taken $150 million from private-equity firm KKR, and given KKR a seat in a boardroom shakeup. “My guess is they needed cash,” Maffei said. “I’m not sure it creates an opportunity. It speaks to the cash needs of their business.”
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