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Pandora has begun preliminary talks to sell itself: Report

The world's largest Internet radio service has begun early talks to sell itself. Following the rumor, shares of the company halted trading on Thursday afternoon.
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Written by Jake Smith on
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Pandora, the world's largest Internet radio, is holding early talks to sell itself after slowing growth as competition from Spotify and other competitors increases, according to the New York Times.

Pandora is said to be working with Morgan Stanley to be linked with buyers. It's not clear if the talks will lead to an actual deal, as they're preliminary.

Like Twitter, Pandora's biggest problem is growth. While it still holds the most music streaming users worldwide, its user count peaked at 81.5 million in 2014, declining to 78.1 million in the third quarter of 2015. In the fourth quarter, Pandora said its user count rose to 81.1 million listeners.

On the other hand, competitors Spotify and Apple have been growing at fast paces, both of which have similar radio functionality to Spotify.

Pandora's stock, which halted trading on Thursday after a 10 percent spike following the rumor, has lost 60 percent of its value since October. Its market cap currently sits at $1.8 billion, down from $7 billion two years ago.

A Pandora spokesperson told ZDNet the company declines to comment on rumor or speculation.

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