Pandora Granted More Time to Engage Possible 'Strategic Investor'

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The deadline to close a $150 million investment with private equity firm KKR has been extended.

Pandora has secured more time before closing on a $150 million round of investment from private equity firm KKR. The deadline, which was today, has been extended so that the streaming music firm can explore interest expressed by an unnamed party in making what it describes as a "substantial minority investment" in the company.

It has been widely reported, by Reuters and others, that satellite radio giant SiriusXM is the interested party. SiriusXM declined to comment on the reports.

Pandora said on Thursday that all conditions regarding the KKR investment had been met, and that both parties are prepared to close immediately, depending on the efforts regarding the third party. KKR agreed last month to invest $150 million in Pandora, but included a 30-day window to seek another deal.

Pandora stock is down slightly at $8.45 in early afternoon trading.

If the KKR investment goes through, it would provide some breathing room amid widening losses at Pandora, which lost $132 million on revenues of $315 million in the quarter ended March 31. The company is also reportedly trying to sell off its Ticketfly division, which it bought less than two years ago for $450 million.


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