Pandora Media has partnered with Verizon to offer its Internet radio service to subscribers of Verizon's high-definition TV service FiOS, according to various media reports. The service has already launched in California, Texas and Virginia and will roll out to other markets in the coming months.
The partnership will give subscribers to FiOS TV, Verizon's high-definition TV service, access to Pandora's personalized Internet radio service and the ability to control the service using the FiOS remote control. This should allow for easier access to Pandora through home entertainment systems. Verizon had 3.7 million FiOS TV customers at the end of March, according to its first-quarter earnings release.
The news sent shares of Pandora up over 6% to $18.88 on active trading within the first hour of trading Thursday morning. The stock had gained 3.3% Wednesday on its second-lowest trading volume since its June 15 debut on the New York Stock Exchange. Share prices have rebounded to levels seen last week before news of Spotify's U.S. launch sent prices as far down as $16.65 last Thursday.