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 Amazon.com 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.
