Verizon tipped for $100m investment in Pandora

Verizon tipped for $100m investment in Pandora

Ahead of Pandora’s self-imposed deadline to find a buyer before taking on more investment, another company has emerged as a potential partner – albeit on the investment rather than acquisition side.

“Verizon is eyeing a possible $100 million investment in Pandora Media if the online music streamer fails to reach a deal this week for an outright sale to satellite radio giant SiriusXM,” claimed the New York Post. There’s a space to be filled here: if Pandora doesn’t sell, it will go through with a $150m strategic investment from KKR, but has floated the notion of swelling that to $250m if other investors wanted to join the round.

Pandora’s 30-day deadline for smoking out a buyer ends this Thursday, with SiriusXM still in the frame for a deal that could value Pandora at $2.8bn, according to the Post. With US telco Sprint having already invested in music-streaming service Tidal, the emergence of its rival Verizon as a potential Pandora investor is well-timed.

Then again, the leak of that emergence in the media a few days before the deadline could be as much about nudging SiriusXM towards the finish line for a deal.

Source: New York Post – http://tinyurl.com/y8z4xf3f