May 8 Pandora Media Inc said on Monday
that the music streaming service is positioned to evaluate
potential strategic alternatives, including a sale.
The company also said KKR & Co LP had agreed to
invest $150 million and Richard Sarnoff, KKR's head of media &
communications private equity investing in the Americas will
join Pandora's board.
"...we have positioned the company to evaluate any potential
strategic alternatives, including a sale, in the 30 days before
the financing is set to close," board member James Feuille said
in a statement.
Pandora also said that Feuille and Peter Gotcher will resign
from the board, which is forming an independent committee to
identify and appoint new directors.
(Reporting by Anya George Tharakan in Bengaluru; Editing by