Pandora Media says positioned to evaluate strategic alternatives: Reuters

May 8 (Reuters) — Pandora Media Inc said on Monday that the music streaming service is positioned to evaluate potential strategic alternatives, including a sale.

The company also said KKR & Co LP had agreed to invest $150 million and Richard Sarnoff, KKR’s head of media & communications private equity investing in the Americas will join Pandora’s board.

“…we have positioned the company to evaluate any potential strategic alternatives, including a sale, in the 30 days before the financing is set to close,” board member James Feuille said in a statement.

Pandora also said that Feuille and Peter Gotcher will resign from the board, which is forming an independent committee to identify and appoint new directors.