Pandora, the online radio streaming service, recently fielded an offer of about $3.4 billion from Liberty Media, reported The Wall Street Journal on Thursday. Liberty Media, the parent company of Sirius XM, offered to purchase Pandora for $15 per share, significantly higher than the trading price per share at the time of the offer.
Although it wasn't a formal offer, Pandora rebuffed it. The streaming service was looking for closer to $20 per share, according to the Journal, and has shopped itself to larger companies like Apple and Amazon.
Music streaming is a quickly changing market, and Pandora in particular been experiencing a tumultuous last few months. Whether Liberty Media's CEO Greg Maffei will up the offer, and how a Sirius XM-Pandora partnership would look, are both unclear.
Pandora declined to comment. Liberty Media did not immediately respond to a request for comment.