Internet radio pioneer Pandora, saw its shares jump over 11% on Friday to $12.77, amid renewed acquisition speculation. A report from CNBC indicated that Pandora and SiriusXM are expected to discuss a possible purchase.
The story cautions that there is “no assurance” that Pandora will reach a deal with SiriusXM or any other prospective buyers.
This isn’t the first time that there were rumors that Pandora was looking to sell itself. Over the summer, the Wall Street Journal revealed that Liberty Media, which controls SiriusXM, tried to buy Pandora for $15 per share. At the time, Pandora may have thought they could fetch a higher price tag, but the company has seen its shares decline and has been trading below $12 in recent weeks.
Competition from Spotify and Apple Music has made it increasingly difficult for Pandora to grow its music-streaming business. Costly licensing agreements with artists have resulted in the company operating at a loss.
Previous reports suggested that Pandora has also shopped itself to Apple and Amazon.
We’ve reached out to Pandora for comment.
