![]() SiriusXM will get a 16 percent stake in Pandora and take three seats on its board. SiriusXM relies on a core base of older listeners in cars that has driven healthy profits but it has little presence on smartphones - a strong point for Pandora. The sale marks a significant loss as Pandora bought Ticketfly less than two years ago for $450 million, seeing it as a new way to broaden its reach. Pandora is also selling Ticketfly, a ticketing company popular with independent rock venues, for $200 million to event management site Eventbrite. ![]() Pandora, which has seen its model lose ground to on-demand online platforms such as Spotify, last month appealed for buyers. The move comes amid rapid changes in the music business. Satellite radio network SiriusXM recently said that it will invest $480 million in Pandora, forging a union between two companies that have operated on parallel tracks. "We support Tim's desire to identify a new CEO for Pandora's next stage." Westergren "was quickly able to reset relations with the major labels, launch our on-demand service, reconstitute the management team and refortify our balance sheet by securing an investment from Sirius XM," Leiweke said. "As listeners continue to move from traditional terrestrial radio to more dynamic and flexible offerings, it is the board's belief that this transition continues to present a massive opportunity, and that Pandora is in an ideal position to capture an increasing share of this audience."Īnother board member, Tim Leiweke, thanked Westergren for stepping up last year to serve as CEO "at a critical time for the company." ![]() ![]() "Over the past several weeks, the board has taken a number of steps to refocus and reinforce Pandora," board member Roger Faxon said in a statement announcing Westergren's departure. The departure was part of a major shake-up in Pandora's top management, with president Mike Herring and chief marketing officer Nick Bartle also leaving the company. Pandora co-founder Tim Westergren on Tuesday stepped down as chief executive and from the board of directors, as the internet radio pioneer strives to win more listeners in the face of competition from Apple and Spotify.Ĭhief financial officer Naveen Chopra will take over as interim CEO during the search for a permanent replacement for Westergren, said the Oakland, California-based company. ![]()
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