Mu­sic ser­vice Pan­dora names Dish stream­ing exec Lynch as CEO

South Florida Times - - BUSINESS - As­so­ci­ated Press

NEW YORK - Mu­sic ser­vice Pan­dora named a new CEO on Mon­day as it wres­tles with com­pe­ti­tion from Spo­tify and other newer stream­ing apps.

Roger Lynch, the head of Dish's stream­ing video ser­vice, will take over the helm of the Oakland, Cal­i­for­nia, com­pany Sept. 18.

Pan­dora said Lynch is the right leader be­cause he has worked with me­dia com­pa­nies on new dis­tri­bu­tion mod­els. He is the found­ing CEO of Dish's Sling TV, which was launched in 2015 as one of the first apps to bun­dle live TV for the in­ter­net.

Pan­dora Me­dia Inc. was founded 17 years ago and has pri­mar­ily been a free in­ter­net ra­dio ser­vice mak­ing money from ads. But its user base has stag­nated and its fi­nan­cial losses deep­ened as new com­peti­tors have gained steam.

It has launched new sub­scrip­tion prod­ucts over the past year, in­clud­ing one that copies Spo­tify, Ap­ple Mu­sic and other apps by let­ting users pick the songs they want to lis­ten to.

Pan­dora co-founder Tim Wester­gren left the com­pany in late June af­ter a 15-month stint as CEO. He de­parted a few weeks af­ter satel­lite ra­dio com­pany Sir­ius XM bought a 19 per­cent stake in a strate­gic in­vest­ment, gain­ing three board seats.

Pan­dora also said Mon­day that it is Roger Lynch adding to its board Michael Lyn­ton, the chair­man of Snapchat's owner Snap Inc. and former head of film stu­dio Sony Pic­tures.

Pan­dora's shares added 35 cents, or 4.3 per­cent, to $8.42 in af­ter-hours trad­ing. The stock had dropped 38 per­cent this year through the close of Mon­day's reg­u­lar ses­sion.

PHOTO COUR­TESY OF AM 1440

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.