Market Overview

Report: SiriusXM In Talks To Acquire Pandora

Report: SiriusXM In Talks To Acquire Pandora

Sirius XM Holdings Inc. (NASDAQ: SIRI) is in talks to acquire Pandora Media Inc (NYSE: P), according to a report from the New York Post. 

The report comes on the heels of a new $150 million investment by from KKR in Pandora disclosed during the company's Q1 earnings report on May 8. Many on Wall Street took that as a confirmation that the company was exploring strategic alternatives. 

"The New York satellite radio company, which has exhibited on-and-off interest in the struggling streamer, has recently restarted talks with Pandora’s banks and is discussing the size of a potential offer," the article quoted sources as saying. 

The Post said there is no agreement on a price yet, but that Pandora could fetch a price as high as $12 to $13 per share. It also noted that they've been working with Morgan Stanley (NYSE: MS), Centerview, and Allen & Co. to consider offers. 

Shares of Pandora were up nearly 10 percent to $9.83 in after-hours trading. Shares of Sirius were unchanged. Neither company responded to a request for comment at time of publication, but we'll update if they do. 

Image credit: frankieleon, flickr


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