Elevation Considers $100 Million Investment As Pandora Renames Channels
August 25, 2010 at 4:48 AM (PT)
ELEVATION PARTNERS, which includes U2’s BONO among its principals, has reportedly signed a letter of intent to pick up a significant amount of shares in a "leading online music company" from an early investor, reports THE NEW YORK TIMES.
That company appears to be PANDORA.
Tech website TECHCRUNCH is reporting that "a representative for Internet radio service PANDORA said, 'We’re aware that ELEVATION has been interested in buying PANDORA shares.'"
New Names For New Pandora Channels
In more PANDORA news, the online broadcaster introduced a new feature -- genre-based station creation. CNET writes, "before now, users could use only artists, songs, or composers as 'seeds,' which are the basis for the mixes that are then provided via the Music Genome Project. The new capability offers listeners a way to get more variety in a station without having to concoct specific artist-based mixes."
The move allows PANDORA to look a bit more like terrestrial radio, with nicknames for its channels.