Pandora has been trying to find the right buyer for over a year, with no luck.
Desperate times call for desperate measures. The music-streaming service has agreed to a $480 million investment from SiriusXM. In doing so, it's taking a $250 million loss on Ticketfly, which Pandora bought just 18 months ago.
Pandora rejected an offer from SiriusXM to buy the struggling online radio service outright, CNBC reported. Pandora had said no to earlier offers because the company felt they didn't value the company high enough. Instead, Pandora will get $480 million through a strategic cash investment. SiriusXM gets to choose three new members of Pandora's board of directors and a new chairman. Read more...
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