Pandora (P) stock was jumping about 9% to $12.52 in mid-morning trade on Friday as the music streaming company looks to sell itself, sources told CNBC.

The Oakland, Calif.-based company is hoping to garner interest from radio company SiriusXM (SIRI - Get Report) . SiriusXM, which is controlled by Liberty Media (LMCA) , reportedly tried to buy Pandora for $15 per share or about $3.4 billion earlier this year, sources told the Wall Street Journal. Pandora turned down that offer because the board felt the company was worth closer to $20 per share.

SiriusXM is now expected to re-enter talks with Pandora, CNBC reports. Sources added, however, that Pandora is still in the early stages of looking for buyers and may not find a suitor or reach a deal.

Shares of Pandora surged as much as 17% following the news, but pared gains slightly by mid-morning. Liberty Media stock was down about 0.4% to $30.28, while SiriusXM shares fell 2.9% to $4.43. 

Pandora has been going up against tougher competition in the online streaming space in recent months. Year to date, its stock is down about 6% even after the jump on Friday.

Amazon (AMZN - Get Report) launched its Amazon Music Unlimited for Prime members at $7.99 per month in October, while Apple (AAPL - Get Report) launched its own product last year for $9.99 per month. Privately owned Spotify is one of the leaders in the space, and Alphabet  (GOOGL - Get Report)  has Google Play Music. Meanwhile, iHeartMedia just launched its own streaming music service on Thursday. 

Facing a difficult market, Pandora was pressured in March by activist investor Corvex Management to sell itself.

"We urge the company to immediately engage an independent investment bank with a fresh perspective and without any prior history of advising the company to advise on a value maximization process -- including the execution of a sales process -- and to evaluate the results against other options including the risk-adjusted value of continuing to operate on a standalone basis," Corvex's Keith Meister said in a letter.

A Pandora spokeswoman said Friday that "as a policy, we do not comment on rumors or speculation."

More than 15.37 million shares of Pandora have traded so far on Friday, well above the 30-day average volume of about 7.59 million.