Pandora CEO: Company's not for sale and is headed for profit this year - Spotify (Private:MUSIC) | Seeking Alpha pandora sale

Pandora CEO: Company's not for sale and is headed for profit this year Mar. 13, 2017 1:08 PM ET | By: Jason Aycock , SA News Editor After the company announced its new premium subscription service , Pandora Media ( P +0.6% ) chief Tim Westergren says the company isn't for sale and will fulfill a tall order in 2017: profitability.

Several stock moves in past months have been attributed to commentary from Liberty's Greg Maffei about whether Sirius XM ( SIRI +6.2% ) would buy Pandora.

"These are early days in the subscription of music and listeners don't know what a real premium product looks like yet and that's what Pandora is," he told CNBC. No one (meaning rivals Spotify (Private: MUSIC ) and Apple Music) has really solved the ease-of-use problem for subscription music, he says.

As for headroom on marketing spending against deep baofluqb. pandora coupons 2017-pocketed competitors, Westergren said "it starts with our listener base," suggesting Pandora can get the word out on the platform for free.

Pandora lost $343M last year.

Now read: Pandora: Another Disappointing Quarter »


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Pandora Takes Steps Toward Sale With $150 Million Cash Infusion From KKR Leon Lazaroff May 9, 2017 7:54 AM EDT

For Pandora ( P ) , a sale could be only a matter of time.

The world's largest internet radio operator announced Monday that it had secured $150 million in new financing from private equity firm Kohlberg Kravis Roberts ( KKR ) . Pandora will use the cash infusion, in the form of new Series A convertible preferred stock, for general operations as the company considers its strategic options, including a possible sale, Pandora said in twin statements .

The KKR stock will yield at least 7.5% and is convertible into common stock at a price of $13.50 a share. Pandora shares were up about 3.8% to $10.79 in premarket trading on Tuesday after gaining in after-hours trading Monday following the announcement.

As part of the financing, KKR's Richard Sarnoff, head of its media investing group for the Americas, will join Pandora's board of directors while an independent committee to be chaired by independent director Timothy Leiweke was formed to identify new directors. Two directors, James M. P. Feuille and Peter Gotcher, also resigned from the board.

The changes heightened speculation that Pandora's board could make changes among its top corporate executives though if a sale is the top priority, executives changes might be premature.

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Keris Alison Lahiff Jun 27, 2017 12:42 PM EDT Midday Report: Pandora's CEO Confirms Resignation; Consumer Confidence Rises Wall Street was mixed as crude oil supported gains in energy and tech dragged on the Nasdaq.

Keris Alison Lahiff Jun 27, 2017 11:56 AM EDT Nasdaq Remains Lower as Tech Weighs, Dow Turns Slightly Higher Stocks lower as the tech sector falls.

Keris Alison Lahiff Jun 27, 2017 10:57 AM EDT Pandora Executive Shakeout Airs Weeks After SiriusXM Investment The internet radio company elevates finance chief Naveen Chopra to serve as interim CEO while it looks for a permanent chief executive to replace Tim Westergren.

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