Pandora Media Inc., the largest Internet radio service, is exploring a possible sale, according to a person familiar with the matter. The shares fell close to an all-time low as some analysts lowered their price targets amid mounting losses and competition from Spotify Ltd. and Apple Inc.
The company is working with Morgan Stanley to reach out to buyers, said the person, who asked not to be identified discussing a private matter. The talks are preliminary and may not lead to a deal, the person said Thursday before the online-radio provider reported fourth-quarter earnings that missed analysts’ estimates. Pandora and Morgan Stanley declined to comment on a potential sale.