Pandora Media may sell itself and has met with Morgan Stanley to help broker such an action, reports the New York Times.
The music-streaming service has seen its stock value drop by 60% over the last few months and the company is facing increased competition from the likes of Apple Music and Spotify. Pandora is the largest music-streaming service in terms of raw users with north of 75 million subscribers. Apple Music has 10 million subscribers and Spotify claims to have more than 20 million.
Apple Music launched in June of last year and Pandora’s user base has eroded since then. Last year, Pandora spent $450 million for Ticketfly and $75 million for Rdio. The company said it made those purchases to improve its product offering, but the Times’ source did not make clear what Pandora expects to get from a sale of itself.
Pandora did not comment on the Times’ story.
