News - 18/04/2017

Pandora plans to enlist private equity firm to fund expansion

Pandora plans to enlist private equity firm to fund expansion

Accordingf to "The New York Post", Pandora Media may team up with a private equity firm in exchange for cash to help expand the business.

Sources said that the streaming radio company has been in talks with Providence Equity Partners, Silver Lake and KKR.

After launching a paid on-demand service, Pandora needs cash to pay heavy royalties to music labels. Now, apparently Pandora has given up on a sale, but sources say that door is still open and talks about a strategic investment are also happening.

Pandora hired Centerview Partners last July to explore its strategic options. A bidder is yet to emerge — publicly at least. Liberty Media boss Greg Maffei has expressed interest, but at a price below Wednesday’s $11.02 close, down 1.1 percent. Liberty Media owns Sirius XM.

Pandora also has been in talks with label partners about taking an equity stake. The labels own a collective 10-percent stake in Pandora rival Spotify.

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