News - 22/07/2016

Pandora turned down a $3.4bn acquisition offer

Pandora turned down a $3.4bn acquisition offer

According to "The Wall Street Journal", Liberty Media (Sirius XM majority shareholder) made an offer - in recent months - to purchase Pandora, valuing it at $15 a share: the total would be $3.4 bn, but Pandora - which had “shopped itself to other potential buyers, including Apple and Amazon, earlier this year” - refused. Liberty has a 64% stake in satellite-radio firm Sirius XM, and has clearly been mulling the potential of combining the two.

On the other hand, Pandora just shared its latest quarterly financial results: its revenues grew 20% year-on-year to $343m, or 12% to $320.3m if you exclude the acquired ticketing business from the calculations. However, Pandora posted a net loss of $76.3m, compared to a loss of $16.1m this time last year. Active listeners fell slightly year-on-year from 79.4 million to 78.1 million, but listening hours grew by 7% to 5.66bn. The combination of the financials – lower guidance for its annual revenues included – and the rejected-acquisition news saw Pandora’s shares fall by 6.3% in after-hours trading.

 

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