Pandora Media’s effort to find a financial savior has sent it into the arms of John Malone’s Liberty Media with a $480 million investment agreement announced this morning.
Liberty-owned SiriusXM will buy convertible preferred stock equal to 19% of Pandora — with an agreement not to go above 31.5% unless the board approves in 18 months. The price would amount to $10.50 per share.
The investment gives SiriusXM the right to designate three members of Pandora’s nine-member…
Source: New feed