Online music streaming service Pandora Media seeks buyers
16 Feb 2016
Online music streaming service Pandora Media Inc has held discussions to sell itself, The New York Times reported, citing people briefed on the talks.
The paper reported that the California-based company was working with Morgan Stanley to meet with potential buyers.
Yahoo, Hulu and Amazon.com could be among the potential buyers, according to analysts.
Pandora, whose market value has dropped by nearly half from a year earlier, has a current market cap of $1.7 billion.
Founded in 2000, Pandora Media provides personalised Internet radio to each of its listeners in the US on a range of devices like smartphones, tablets, computers and car audio systems, as well as a range of other Internet-connected devices.
Its free service is advertising-based and allows listeners access to its music and comedy catalogs, and personalised playlist generating system for free across all of its delivery platforms.
The Company's technologies include Music Genome Project and Comedy Genome Project.
Pandora has around 78 million active users and its competitors in the music streaming business are Spotify, Apple Inc's Apple Music and Amazon.
The company has not made a profit since its listing in 2011 and expects sales to $1.4 billion to $1.42 billion this financial year.