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