But in a statement, Pandora said that it had extended its deadline to terminate the KKR investment “to explore interest expressed
by a strategic investor in making a substantial minority investment in Pandora, in lieu of the KKR investment.”
Pandora did not specify a new deadline in its statement, and a spokesman for the company did not respond to a question about it.
Pandora Extends Deadline for KKR Deal to Explore Its Options -
By BEN SISARIOJUNE 8, 2017
The countdown for a possible sale of Pandora Media was extended on Thursday, as the company weighed investments from the private equity firm KKR
and an unnamed “strategic investor” that may well be Sirius XM.
Pandora, which has struggled to hold on to its position as one of the dominant outlets for streaming music, struck
a deal a month ago in which KKR would invest $150 million through a purchase of convertible preferred stock.
For Pandora, a new owner or a source of significant new investment may be essential.
Early Thursday, Reuters reported that Sirius XM was in discussions with Pandora for
a minority investment, after talks for an acquisition failed over the price.
