, Columnists
Pandora's Siren Song
The Internet radio service missed chances to strike music licensing deals.
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Pandora Media may be exploring a sale, but a willing buyer may be harder to pin down.
The Internet radio service surged as much as 14.8 percent Thursday on news of a potential sale before giving up much of the gains after hours in response to disappointing earnings. Even with some expectations of a potential deal now reflected in the stock price, the shares closed roughly 77 percent below their record high, meaning shareholders don't expect the $1.9 billion company to fetch anything close to a knockout premium.