SIRIUS IS SERIOUS ABOUT PANDORA
Sirius XM Holdings chairman Greg Maffei recently approached Pandora Media’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. Sirius — 65 percent owned by Denver-based Liberty Media Corp. — 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 Friday after a CNBC report that the company is willing to engage with Sirius. Pandora hasn’t said it will restart talks.
Pandora made three acquisitions last year to diversify beyond online radio, including ticket seller Ticketfly, and is about to introduce a new service similar to Spotify.