Pandora Media Inc (P) Stock Falls on Liberty Media CEO Comments

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Pandora Media Inc (NYSE:P) stock was down Tuesday following comments from Liberty Media Corporation – Series A Liberty Formula One’s (NASDAQ:FWONA) CEO.

Pandora Media Inc, P, Liberty Media Corporation - Series A Liberty Formula One, FWONALiberty Media CEO Greg Maffei says that Pandora Media Inc stock is overvalued and that it was unlikely his company would be interested in buying it at its current price. Liberty Media, which owns Sirius XM Holdings Inc. (NASDAQ:SIRI), has discussed buying P in the past.

Maffei said that a deal between Liberty Media and Pandora Media Inc would be more likely if the stock was sitting at $10 per share. Liberty Media previously offered $15 per share for P, but the offer was rejected by the company. However, the music streaming company said it was open to talks with Sirius XM Holdings Inc. not a year later.

The Liberty Media CEO’s comments about Pandora Media Inc were made at Deutsche Bank’s Media, Internet & Telecom Conference on Monday. His comments came after the markets had closed, reports Variety.

“I would buy Pandora if it were not $13,” Liberty Media CEO Greg Maffei said in a statement obtained by Deadline. “You want to sell it for $10? We probably would buy it. But they’re not selling it for $10.”

Maffei went on to say that some investors believe that Liberty Media is a buyer that is willing to acquire Pandora Media Inc for a premium price. The  CEO says that this isn’t the case.

P stock was down 6% as of Tuesday morning and is down 10% year-to-date. FWONA stock was up 2% and SIRI stock was up slightly Tuesday morning.


Article printed from InvestorPlace Media, https://investorplace.com/2017/03/pandora-media-inc-liberty-media-p-fwona/.

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