May 8 (Reuters) - 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 Shounak Dasgupta)