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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.

 

 

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