SiriusXM Chairman Greg Maffei has recently reached out to the board of internet radio provider Pandora about a possible acquisition, according to a Bloomberg report.
Shares of Pandora surged 16 percent Friday, while Class A shares of Liberty Media, the majority owner of SiriusXM, gained 0.89 percent. Sirius XM Holdings fell more than 5 percent. Earlier on Friday, CNBC reported that Pandora was “open” to selling itself.
The main reason being cited is the pressure from its major investors like hedge fund Corvex Management. Earlier this year in July, Pandora had declined an informal $15 per share offer from Sirius XM. Though Pandora has declined to comment on this, the company’s growing losses and tough competition might force the management to think on these lines in the future.