Pandora Explores Sale After Securing $150 Million

Pandora Explores Sale After Securing $150 Million

Pandora, which dominates Internet radio but has seen its model eclipsed by music streaming companies such as Spotify, said Monday it was open to buyers after securing a fresh $150 million (roughly Rs. 968 crores). Jim Feuille, the chairman of Pandora’s board who a decade earlier pushed the model of free access, stepped down with the announcement that private equity firm KKR was injecting $150 million. “Having secured a significant financial commitment from KKR to strengthen the company’s balance sheet, we have positioned the company to evaluate any potential strategic…

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Music Streaming Service Pandora Returns to Its Roots

Music Streaming Service Pandora Returns to Its Roots

Pandora Media Inc hopes to go back to the future with the return of co-founder Tim Westergren as CEO and a renewed focus on its industry-leading data trove, built from the listening habits of more than 81 million people. Wall Street is not exactly enthusiastic about the strategy: Pandora’s stock dropped more than 10 percent last week and is trading near its all-time low in the wake of Westergren’s appointment, which squashed talk of a possible sale of the online radio company. Plagued by a business model that forces the…

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