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Pandora Gets $480 Million From Sirius XM, Sells Ticketfly

  • Online-radio provider to terminate $150 million deal with KKR
  • Deals come as Pandora struggles with continued losses
The Pandora Media Inc. application is demonstrated for a photograph on an Apple Inc. iPhone in Washington, D.C., U.S., on Friday, May 5, 2017. Pandora is scheduled to release first-quarter earnings figures on May 8.
Photographer: Andrew Harrer/Bloomberg

Pandora Media Inc. is getting a $480 million investment from Sirius XM Holdings Inc. and selling its Ticketfly business to Eventbrite for $200 million as the internet-radio pioneer tries to revive its business and find a possible buyer.

The deals will help Oakland, California-based Pandora grapple with widening losses and a tepid outlook for its online music business. The fast growth of Spotify and Apple Music, along with the billions of dollars Inc. and Google are investing in music, has pressured Pandora to expand beyond its roots as an internet radio company and become a streaming service seeking paying subscribers.