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Phoenix666 [soylentnews.org] writes:

Pandora, which dominates internet radio but has seen its model eclipsed by music streaming companies such as Spotify, said Monday it was open to buyers after securing a fresh $150 million [phys.org].

Jim Feuille, the chairman of Pandora's board who a decade earlier pushed the model of free access, stepped down with the announcement that private equity firm KKR was injecting $150 million.

"Having secured a significant financial commitment from KKR to strengthen the company's balance sheet, we have positioned the company to evaluate any potential strategic alternatives, including a sale, in the 30 days before the financing is set to close," Feuille said in a statement.

The company appointed Tim Leiweke, the former CEO of entertainment and sporting event giant AEG, to seek out new directors for the board and evaluate options.

"The board is squarely focused on maximizing stockholder value as we move ahead," he said. Pandora's shares tumbled more than two percent Monday even as Wall Street struck a new record.

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