logo
logo

Pandora is up over 16% on reports that it could sell itself

avatar
William Figueroa
img

Internet-radio pioneer Pandora saw its stock soar Friday after a report from CNBC said the company was open to selling itself.Pandora was up over 16% at one point in trading on Friday.Friday morning, CNBC reported that Pandora was "open to engaging in talks with longtime suitor SiriusXM," citing sources.Later Friday, Bloomberg reported that Pandora had been approached by Sirius XM's chairman Greg Maffei to express an interest in buying the company.

Sirius XM had reportedly made an informal offer to buy Pandora earlier this year for $15 per share Pandora is currently trading at around $13 per share .

That offer valued the company at over $3.4 billion, according to the Wall Street Journal.

A Bloomberg source said Pandora hadn't yet responded to Sirius XM, but another said Pandora's advisers had started reaching out to other potential buyers.Pandora is a company in transition, on the brink of launching an on-demand product to compete with the likes of Spotify and Apple Music.

That product is scheduled to arrive on December 6.Pandora has endured on-and-off rumors that it is for sale, but many took the installing of founder Tim Westergren in the CEO spot, in March, as a sign that the company was not actively looking to sell itself.

But some have wanted Pandora to sell for awhile.

collect
0
avatar
William Figueroa
guide
Zupyak is a free content platform for publishing and discovering stories, software and startups.