Verizon is considering a $100 million investment in Pandora.

Shares of internet radio streaming service Pandora  (P) were up nearly 3% premarket following reports that Verizon  (VZ - Get Report) was considering a $100 million investment in the company if its outright sale to Sirius XM  (SIRI - Get Report)  falls through. 

Verizon executive Tim Armstrong could be a candidate for a position on the company's board if Verizon does make the investment, sources told the New York Post

Sirius XM has been in discussions to purchase Pandora for between $11 and $12 per share, valuing the company at about $2.8 billion. 

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