NEW YORK (TheStreet) -- Shares of Pandora Media (P) are up 2.11% to $25.42 after the Internet radio company announced a partnership with Merlin, a global rights agency for the independent label sector, giving the company direct access to 20,000 record labels and distributors that make up 10% of the worldwide music market, Reuters reports.
As part of the partnership, Pandora will give artists and labels data of its 75 million monthly active users, helping them pinpoint cities for tours and grow their businesses, Reuters added.
Pandora plans to combine the expertise of Merlin's participating labels with its own data from the Music Genome Project for additional exposure of certain music on Pandora's playlists targeted to the right listeners.
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Separately, TheStreet Ratings team rates PANDORA MEDIA INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PANDORA MEDIA INC (P) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow and feeble growth in its earnings per share."