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   Technology StocksPandora

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From: hollyhunter2/12/2016 8:56:01 AM
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Pandora Media Inc (P) On watch for clear above $10.15 today. Technical strong buy at stoxline.

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From: Glenn Petersen12/3/2016 10:10:09 AM
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Sirius Approaches Pandora’s Board With Takeover Interest

by Alex Sherman
@sherman4949 More stories by Alex Sherman
and Lucas Shaw
@Lucas_Shaw More stories by Lucas Shaw
Bloomberg Technology
December 2, 2016 — 2:42 PM ESTDecember 2, 2016 — 5:44 PM EST

-- Board hasn’t responded to new engagement from Greg Maffei

-- Pandora advisers have begun soliciting interest from buyers

Sirius XM Holdings Inc. Chairman Greg Maffei recently approached Pandora Media Inc.’s board to express renewed interest in a takeover of the Internet radio provider, according to people familiar with the matter, following up on its offer from earlier this year.

Sirius’s latest approach didn’t include a price for Pandora, said one of the people, who asked not to be named because the discussions are private. Sirius offered about $15 per share to acquire Pandora earlier this year, the person said.

Pandora hasn’t yet responded to the Sirius approach, the person said. Still, Pandora’s advisers have begun reaching out to other potential suitors, another person said.

Pandora shares rose earlier Friday after a CNBC report that the company is willing to engage with Sirius. They closed 16 percent higher at $13.33, valuing the company at about $3.1 billion. Sirius fell 5.6 percent to $4.30, giving it a market value of $20.8 billion.

Pandora hasn’t decided if it will restart talks with Sirius, one of the people said.

Representatives for Pandora and for Greg Maffei declined to comment. A Sirius spokesman didn’t immediately respond to a request for comment.

Since Sirius made its first approach, Pandora has taken steps to shake up its business model as it seeks to placate activist investor Corvex Management LP.

The company hired Centerview Partners LLC to advise on strategic options, people familiar with the matter said in July. Centerview’s role could be expanded to run a sale process with Morgan Stanley for Pandora, the people said at the time.

Though Pandora dominates the online radio market it pioneered, the company’s growth has slowed in recent years, at the same time as on-demand services Spotify Ltd. and Apple Music have added millions of users.

Co-founder Tim Westergren, who returned as Pandora’s chief executive officer in March, is trying to almost quadruple sales to $4 billion by 2020 by going into new businesses, such as ticket sales and concert promotion, while converting free users into paying customers.

The company made three acquisitions last year to diversify beyond online radio, including ticket seller Ticketfly, and is about to introduce a new on-demand service similar to Spotify.

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From: Glenn Petersen9/24/2018 10:04:47 AM
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iriusXM to buy Pandora in all-stock deal valued at $3.5 billion
  • The merger agreement includes a "go-shop" provision, where Pandora "may actively solicit, receive, evaluate and potentially enter negotiations with parties that offer alternative proposals."
  • SiriusXM expects the deal to close in the first quarter of 2019.
Michael Sheetz | @thesheetztweetz
Published 2 Hours Ago Updated 52 Mins Ago

Satellite radio company SiriusXM plans to acquire music streaming service Pandora in a $3.5 billion all-stock deal unveiled Monday.

The agreement includes a "go-shop" provision where Pandora "may actively solicit, receive, evaluate and potentially enter negotiations with parties that offer alternative proposals following the execution date of the definitive agreement."

Acquiring Pandora would make SiriusXM the world's largest audio entertainment company, with over $7 billion in combined revenue expected in 2018. The deal would bring together SiriusXM's 36 million subscribers in North America and Pandora's more than 70 million monthly active users.

Pandora shares rose 8.3 percent to $9.85 a share in premarket trading, while Sirius stock fell 5 percent to $6.63 a share.

Shareholders will receive 1.44 of newly issued SiriusXM shares for each Pandora share they hold, the companies said. The implied Pandora price from this deal is $10.14 a share, or a 13.8 percent premium over a 30-day volume-weighted average price.

Pandora stock has soared nearly 90 percent during the past year. While the music streaming business is thick with competition — names such as Spotify, Amazon and Apple have their own platforms — Pandora reported a smaller-than-expected earnings loss for its second quarter and announced it had about 6 million premium subscribers.

Evercore ISI analyst Anthony DiClemente said he wouldn't rule out a higher bid for Pandora from a tech giant, but he believes "Apple and Spotify have had a chance to look at Pandora already."

"I do think once the market kind of gets a better feel for what the strategy is at the SiriusXM level, then we'll start to see the stock normalize," DiClemente said on CNBC's "Squawk Box."

SiriusXM expects the deal to close in the first quarter of 2019.

The satellite radio company signed a partnership with Netflix in July to create a comedy channel. That channel is slated to launch in January and will feature new material from comedians promoted in Netflix original content.


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