Deals
Pandora Steps Up Hunt for Buyer, Gets $150 Million From KKR
- Losses, tepid outlook for music service raise pressure to act
- Looming payments to record labels threatened cash crisis
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Pandora Media Inc., struggling with widening losses and a tepid outlook for its online music business, is shaking up its board and stepping up efforts to find a possible buyer.
KKR & Co., the private-equity firm, is investing $150 million in Pandora, according to a statement Monday. Two directors will leave and the company will create a new independent board committee that plans to seek new members. Richard Sarnoff, who oversees KKR’s media and communications holdings in the Americas, will join the board as well.