Pandora said to back in takeover talks with SiriusXM – CNET

p1011203.jpg

SiriusXM is reportedly showing renewed interest in Pandora.

Joan E. Solsman/CNET

SiriusXM may not be done with its ambitions to take over Pandora.

The Liberty Media-backed satellite radio giant is in active discussions about making a bid for the beleaguered online radio streaming service, the New York Post reported Wednesday. SiriusXM has shown interest before in a possible acquisition of Pandora and recently resumed talks with Pandora’s banks over the size of a potential offer, sources told the newspaper.

Pandora, the internet’s largest streaming-music service, is feeling the pinch as listeners move toward rivals such as Spotify and Apple Music, which allow on-demand listening for specific tracks.

The value of such a deal is reportedly a sticking point. Sources described as familiar with the talks said a bid in the neighborhood of $13 a share has already been rejected. Liberty Media reportedly offered to purchase Pandora for $15 per share last year but was rebuffed. The Oakland, California-based streaming service was looking for closer to $20 per share, The Wall Street Journal reported in July.

Pandora’s stock closed at $8.93 on Wednesday, but it climbed 8.5 percent to $9.69 in after-hours trading on news of a possible new deal in the works.

Pandora and SiriusXM didn’t immediately respond to a request for comment.

CNET Magazine: Check out a sampling of the stories you’ll find in CNET’s newsstand edition.

Technically Literate: Original works of short fiction with unique perspectives on tech, exclusively on CNET.

Leave a Reply

Your email address will not be published. Required fields are marked *