Report: SiriusXM In Talks To Invest In Pandora

Pandora Going To SiriusXM?

Widely reported is the news that SIRIUSXM HOLDINGS INC, is in negotiations to acquire PANDORA MEDIA INC, with a deal that could be announced TODAY (6/8). SIRIUSXM is negotiating a private investment in public equity (PIPE) after talks about SIRIUSXM acquiring PANDORA in its entirety ended unsuccessfully over price disagreements.

Amid talks that VERIZON was also interested in PANDORA (NET NEWS 6/5), private equity firm KKR agreed to invest $150 million in PANDORA in return for preferred shares if the firm had not sold itself within 30 days, a deadline which arrives TODAY. No terms of SIRIUSXM's proposed PIPE investment are available and the deal could still crater. This PIPE deal would be the sale of PANDORA's shares in a private offering, instead of a public secondary deal.

YESTERDAY (6/7), PANDORA was off .27 at the close of the market with shares valued at $8.48.  The market cap was at $1.98 billion. PANDORA is up in pre-market trading. You can follow the stock here.

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