Pandora, the streaming pioneer and biggest internet radio service, has held talks about selling itself, according to The New York Times.
Pandora stock popped 9% immediately following the news.
Pandora is said to be using Morgan Stanley to scope out potential buyers. The Times, however, stresses that these talks are preliminary.
Pandora’s stock has plummeted the past few months, and its executives have lashed out at rivals in the streaming industry for creating an unsustainable business environment by burning capital. Pandora, unlike rivals like Spotify, is a public company and has to answer to shareholders.
Business Insider Emails & Alerts
Site highlights each day to your inbox.