Following its Q1 earnings call, Monday, Pandora announced it received a $150 million infusion of cash from the investment firm KKR. And the company has made a public statement that it is “looking at all opportunities and to set a course for the future,” and of course one of those options is a sale. TechCrunch reports Pandora will look for a buyer before taking the money from KKR.
The company says the investment from KKR will be used for general corporate purposes including potential investments in areas such as advertising and marketing technologies, international expansion, and new types of content.
Pandora will also shake up its Board of Directors. KKR’s Richard Sarnoff will join the Board and James Feuille and Peter Gotcher will resign from the Board. An independent committee is being formed, which will be chaired by independent director Timothy Leiweke to identify and appoint new directors.
Corvex Management, which holds about 10 percent of Pandora’s stock, has been pushing the company to improve performance or look for a buyer. Centerview Partners and Morgan Stanley will continue to advise the Board.
