SAN FRANCISCO: Sirius XM Holdings Inc, the US satellite radio company controlled by John Malone’s Liberty Media Corp, is seeking to invest in Internet music provider Pandora Media Inc, people familiar with the matter said.
Sirius XM is negotiating a private investment in public equity (PIPE) after talks about Sirius XM acquiring Pandora in its entirety ended unsuccessfully over price disagreements, the sources said on Wednesday.
If the negotiations between Sirius XM and Pandora come to fruition, the deal would come after private equity firm KKR & Co LP agreed last month to invest $150 million in Pandora.
KKR’s agreement gave Pandora a 30-day-period to look for an alternative deal.
The terms of Sirius XM’s proposed PIPE investment could not be learned, and sources cautioned that the latest negotiations between Sirius XM and Pandora could still fall apart. Liberty Media may also object to any deal, the sources added. The sources asked not to be identified because the deliberations are confidential.
Pandora declined to comment, while Sirius XM and Liberty Media did not immediately respond to requests for comment.
Any partnership between Sirius XM and Pandora would be a boon to both companies, given that they target a common audience. — Reuters
Oman Observer is now on the WhatsApp channel. Click here
