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Shares Of Pandora Active After Hours On Report Google Considered Buying Spotify

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Google (NASDAQ: GOOG) (NASDAQ: GOOGL) tried to buy music-streaming service Spotify late last year, according to the The Wall Street Journal, but talks broke down for a number of reasons. These include the high price Spotify was asking and Google CEO Larry Page's overall lack of enthusiasm for subscription entertainment services.

In a note to the SEC in December, Google said that it had "pursued but discontinued a potential buyout of a foreign company, with a valuation estimated in the range of $4 to $5 billion."

Google executive Susan Wojcicki, who left Google in February to take the top job at YouTube, was a primary advocate for making the deal.

Both Spotify and Google have declined to comment.

Pandora (NYSE: P) is trading up 1.1 percent after-hours at $27.63. Google is currently changing hands at $593.74, down 0.9 percent.

Posted-In: SpotifyNews Wall Street Journal Media

 

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