Report: SiriusXM in Talks to Acquire Pandora

RADIO ONLINE | Thursday, May 18, 2017

Liberty Media-backed SiriusXM is in active discussions to acquire streaming media firm Pandora, reports The New York Post. SiriusXM has shown interest in the Oakland, CA-based company before and has recently restarted talks with Pandora's banks and is discussing the size of a potential offer, sources told the newspaper. There is no agreement yet on a price, but one industry insider believes a bid could range as high as $12 to $13 a share.

Liberty Media CEO Greg Maffei has said in the past that he thinks Pandora is worth $10 per share. Goldman Sachs analyst Heath Terry, wrote in a report on Wednesday that his price target is $16. Pandora has also been working with Morgan Stanley and Centerview, to consider offers. Shares of Pandora on Wednesday were down 4.5%, closing at $8.93.