Pandora said to be open to SiriusXM takeover
The online radio provider reportedly would entertain an offer from satellite radio company SiriusXM, after spurning its advances earlier this year.
- Three Folio Eddie award wins: 2018 science & technology writing (Cartoon bunnies are hacking your brain), 2021 analysis (Deepfakes' election threat isn't what you'd think) and 2022 culture article (Apple's CODA Takes You Into an Inner World of Sign)
Pandora is changing its tune toward any takeover overtures from satellite radio rival SiriusXM, according to a CNBC report.
The streaming radio company's shares popped on the news, rising 8.8 percent to $12.49 in recent trading.
Pandora is now open to selling itself, including to one-time suitor Sirius XM, CNBC reported, citing unnamed people familiar with the matter. CNBC said SiriusXM is expected to pursue a deal. But talks are in "the first inning," according to one source, and there's no guarantee Pandora will reach a deal with SiriusXM or any another party.
The streamer reportedly held talks to sell itself earlier this year.
Pandora's digital radio service has struggled to grow for more than a year, while rivals like Spotify and Apple Music have surged.
With consumers flocking to subscriptions that unlock total access to catalogs of millions of songs, Pandora has been loosening the limitations on its own listening, and it is expected to launch a full-fledged music subscription later this month. But Pandora continues to face pressure to merge with another company while its growth holds stagnant.