One of Apple Music’s biggest competitors is looking to sellout.
Pandora, the music streaming service with more users than Spotify and Apple Music, has reportedly been meeting with private parties regarding a possible sale of the company after experiencing its slowest amount of growth ever last year.
“Pandora is working with Morgan Stanley to meet with potential buyers,” reports the New York Times. “The talks are preliminary and may not lead to a deal.”
The price of Pandora shares have dropped more than 60% since October 2015, making the company a pretty affordable target for a tech company looking to bolster its media platforms. The company is currently valued at $1.8 billion, after hitting a $7 billion market cap two years ago.
It’s unclear which companies are interested in purchasing Pandora. The company recently purchased rival streaming service Rdio for $75 million while Spotify boosted up its cash with a $500 million funding round.
Pandora’s executives have said they want to expand the service internationally, as it’s currently only available in the US, Australia and New Zealand. The service could also needs expanded features like allowing users to choose what songs to listen to in order to truly compete against Spotify and Apple Music.
