Pandora May Sell Radio Station in Strategy Reevaluationby
Online radio company comments in filing to U.S. agency
Pandora says it's considering whether to remain a broadcaster
Pandora Media Inc. may sell KXMZ-FM, the South Dakota radio station it bought last year to get lower music royalty rates, the online radio provider said in a U.S. regulatory filing.
Online radio provider Pandora told the Federal Communications Commission in a document dated Monday that it’s reevaluating whether to remain a broadcaster. The company asked if it could delay a shareholder vote on organizational changes associated with becoming a broadcaster.
Pandora on March 28 said co-founder Tim Westergren became chief executive officer more than a decade after he last ran the world’s largest online radio service, replacing Brian McAndrews.
Pandora is struggling to fight off competitors Spotify Ltd. and Apple Inc. and reverse a stock slump. It has been working with Morgan Stanley to assess strategic options, people with knowledge of the matter have said.
Pandora’s focus remains on “growing our relationships with the music industry,” spokesman Taylor Bennett said in an e-mailed statement.