Satellite radio company Sirius XM (SIRI) - Get Sirius XM Holdings, Inc. Report is seeking to invest in internet music provider Pandora Media (P) , Reuters reported, citing people familiar with the matter.
Sirius XM is negotiating a private investment in public equity after talks about Sirius XM acquiring Pandora in its entirety ended unsuccessfully over price disagreements, the sources told Reuters.
If the negotiations between Sirius XM and Pandora work out, the deal would come after private-equity firm KKR & Co. (KKR) - Get KKR & Co. Inc. Class A Report agreed last month to invest $150 million in Pandora.
KKR's agreement gave Pandora 30 days to look for an alternative deal. This period expires on Thursday, and so Sirius XM was racing late on Wednesday to beat that deadline and clinch its own investment in Pandora, the sources told Reuters.
This article was written by a staff member of TheStreet.