, Columnist
This Pandora Deal Is No Chart-Topper
It keeps fighting a full takeover, but Sirius XM is patiently waiting because it's only going to get cheaper.
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John Malone finally got his claws into Pandora Media Inc., but there's good news and bad news for shareholders.
Pandora's stock bounced back Friday from a more than one-year low after the online radio service received a crucial cash investment from Sirius XM Holdings Inc. Sirius, which is controlled by Malone's Liberty Media, is buying $480 million of newly issued series A convertible preferred stock in Pandora, representing a 19 percent stake. It's also getting three board seats, one of which will be Pandora's new chairman.