Pandora May Sell Ticketfly To Refocus On Streaming
Pandora is exploring the sale of ticket seller Ticketfly. Purchased for $335 million in 2015, Ticketfly combined with Pandora was touted as a game changer. But given Ticketmaster's dominant position, the pairing has proven to be more good PR than great business.
During a self-imposed 30 day period when everything is on the table, Pandora is considering the sale of its ticketing arm Ticketfly. Acquired in 2015 for $335 million, Ticketfly was more recently valued at $450 million.
Pandora is evaluating every strategic option, including a full or partial sale, in the 30 days before a $150 million cash-infusion for stock deal with KKR closes, board member James M.P. Feuille said in a statement earlier this week.
A Ticketfly sale could help Pandora in several ways. There's the obvious pile of cash if the right buyer can be found. And for some suitors of Pandora's streaming business, it both improves the balance sheet and re-focuses the company on its core mission.
Pandora declined to comment to Bloomberg, who first broke the story.