Long-Time Investor Is Dumping Pandora Shares
I can only really say Crosslink has been and continues to be a valued strategic partner of Pandora Media’s. Since Pandora’s first days of inception in 2005 the Crosslink team continues to champion our cause and our purpose to have a voice in the as a disruptive agent to broadcast radio. Few investment firms in my personal career have I known to have as a long as a strategic view as their decade long investment continues to be. Pandora thanks the Crosslink team for their ongoing investment, advisory position on Pandora’s board of directors, and as a friend. Crosslink will be noted historically as having a major role in the future of music in the digital era.That's all he "can only really say." Richard Tullo, who covers Pandora for Albert Fried, made sense of the situation in an email to TheStreet like this:
My guess is they are liquidating Pandora to launch a new fund.
That said they are selling and with the top [Pandora's 52-week high] roughly 30% higher than current levels I would say they think Pandora is fully valued.
I think [the constant takeover speculation on] Wall Street as Crosslink is selling shares is idiotic. All the bozos are doing is helping the insiders sell stock at speculation inflated prices [see above].
Think about it -- [Crosslink] own[s] a major block if a strategic [buyer] was serious about Pandora the probability is pretty good that the strategic [buyer] would buy an option on Crosslink's position in a swap and therefore they could not sell in the market.Bingo. Which throws some cold water on my recent Pandora takeover speculation. Oh -- and you never have to worry about me quoting your Grandfather's Wall Street analyst.
Crosslink Capital could not be reached for comment.