Pandora Climbs After Report Says It Could Be a TargetBen Livesey
Pandora Media Inc., the biggest internet radio service, rose after a report said the company could attract buyout interest.
Shares of the Oakland-based company gained 4.2 percent to $26.38 at the close in New York, after rising as much as 5.9 percent for the biggest intraday gain since May 20.
Pandora could attract interest from companies like Amazon.com Inc., Google Inc., Microsoft Corp., Sirius XM Holdings Inc. and Yahoo! Inc. DealReporter said, without saying where it got the information.
Last week, Pandora reached its first direct deal with labels by joining with music rights agency Merlin, helping independent artists reach more listeners and receive higher royalties. It’s also considering expanding its programming beyond music to formats such as sports, news and talk as the service becomes more available in cars and can attract listeners.
Pandora “does not spend any time wondering if we’re going to be a takeover target” and is focused on building its independent business, DealReporter cited CFO Michael Herring as saying.
Mollie Starr, a spokeswoman for Pandora, declined to comment to Bloomberg News.