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Music streaming service Pandora Internet Radio is on the verge of being bought by US pay-radio operator SiriusXM.
A CNBC report notes that Pandora’s share price rose last week almost 16 per cent on the news of the probable sale, and adding that Pandora’s directors were happy to have discussions with SiriusXM. SiriusXM’s chairman Greg Maffei has reportedly approached Pandora to start discussion.
Pandora is available only in the US, Australia and New Zealand.
However, sources suggest that the discussions between the two have barely started, and that SiriusXM is not the first potential buyer to have knocked on Pandora’s door, while SiriusXM is reported to also have attempted an earlier take-over of Pandora and offered $15 a share. Last week Pandora’s shares hit $13.33, and valuing the business at some $3 billion. SiriusXM has a market capitalisation of $21 billion.
Observers say Pandora recognises that it is being beaten in the market by players such as Spotify and Apple Music/iTunes. However, Pandora has aggressively moved into theatre ticket sales and concert promotion, and these very elements might make Pandora even more valuable to SiriusXM.