What Is Pandora Saying About a Possible Sale?
Analysts tried twice to get Pandora officials to comment about whether the streaming radio company is thinking about selling itself.
That’s because of a New York Times report Thursday which had unnamed sources saying Pandora is working with Morgan Stanley to meet with potential buyers.
The Times points out it would be an odd time to sell because Pandora’s stock has dropped more than 60% since October.
Toward the end of the earnings call Thursday evening an analyst asked Pandora officials to address “the elephant in the room.”
Pandora Chair/CEO Brian McAndrews said “We don’t comment” on these kinds of reports, adding, “We’re confident in our ability to drive revenue for shareholders and that’s what we’re focused on.”
A second analyst said given the stock price is down so much (shares are yielding a market value of $1.8B, down from more than $7B two years ago) would it make sense to consider M&A or not?
McAndrews replied: “It’s not something we’re focused on. We’re focused on working as an independent company and driving our business.”