Bono Elevates Pandora

BONO ELEVATES PANDORA: Elevation Partners, the private equity investment firm which includes U2’s Bono among its partners, has reportedly signed a letter of intent to acquire a significant share of “a leading online music company,” which sources have identified as Pandora. The Techcrunch website quoted a Pandora representative: “We’re aware Elevation has been interested in buying shares in the company.” Sources say the group's investment could go as high as $100 million. Earlier this week, the online broadcaster added genre-based station creation to its artist-based model, which allows it to operate more like a satellite radio service. (8/25p)