Quantcast
REPORT: WESTERGREN TO DEPART PANDORA

Pandora Media’s stock was up Monday morning following a Recode report that CEO and co-founder Tim Westergren would be leaving the company once a replacement is found.

Westergren founded the company 17 years ago and has been running it as CEO since 2016. Pandora has not commented on the report.

Pandora shares have been selling for as much as $8.65, thanks also to a stock upgrade from Pacific Crest Securities, thestreet.com reported.

"We continue to view fundamentals as challenged but believe the combination of reduced M&A expectations and the likelihood for an increased focus on stabilizing cash flow reduces downside risk," Pacific Coast Securities media analyst Andy Hargreaves wrote in an investor note Monday.

The news follows Sirius XM Holdings’ agreement to invest $480m in the internet radio company in exchange for about a 19% stake. Sirius intends to quickly to integrate Pandora into its own satellite radio service, which has more than 31m paying subscribers.

 

 

HARLOW TAKES
OVER WARNER U.K.
Max names his heir. (12/9a)
SPOTIFY U.S. DAILY: HARRY DEBUTS #1
It's "Adore"-able. (12/9a)
TAYLOR LIGHTS HER "CHRISTMAS TREE"
With lots of shiny tinsel (12/6a)
THE HAPPY WARRIOR OF THE RECORD BUSINESS
What a great guy (12/6a)
GRAMMY CHEW: WHO ARE THESE PEOPLE, ANYWAY?
Those who fail to learn from the past are destined to repeat it. (12/9a)
EGGNOG!
Ours is mostly bourbon.
MISTLETOE!
Delicious in salads.
CHESTNUTS!
Ours are roasting, but it could be these slim-fit jeans.
WEED!
An entire Christmas tree made of it. Is what we want for Christmas.
 Email

 First Name

 Last Name

 Company

 Country
CAPTCHA code
Captcha: (type the characters above)