SiriusXM Satellite tv for pc Radio is actively conducting talks with executives from Pandora concerning a possible acquisition in keeping with a number of, unbiased stories.
Sources inform The New York Publish that SiriusXM, which has had on-and-off curiosity in purchasing Pandora for the higher a part of a 12 months now, not too long ago revisited the thought and is making an attempt to hammer out the scale of a possible provide.
One trade insider believes a bid of as a lot as $12 to $13 a share might be coming though others appear to assume that’s a bit too optimistic.
Greg Maffei, CEO of SiriusXM guardian firm Liberty Media, has beforehand stated that he thinks Pandora is solely value $10 per share though he reportedly made a casual provide of round $15 a share early final 12 months. As of writing, inventory in the Web radio firm is buying and selling at $9.19 a share.
Pandora earlier this 12 months launched an on-demand streaming music service referred to as Pandora Premium to raised compete with rivals like Apple Music and Spotify. These firms at the moment get pleasure from 20 million and 50 million paid subscribers, respectively.
The corporate revealed in its earnings report earlier this month that it had secured a $150 million funding from non-public fairness funding fund KKR. In trade for the money, KKR is to obtain most well-liked inventory in Pandora and a seat on its board of administrators.