On Thursday, Shares of Pandora Media Inc (NYSE:P), declined -1.86% to $19.53, during its last trading session.
Pandora, declared it has reached a contract to acquire Ticketfly, Inc., a leading live events technology company, to create the definitive music platform for connecting fans, artists and event promoters. The move is the latest step toward achieving Pandora’s mission to assist artists find their audience and assist listeners find the music they love—whether it’s coming through their earbuds or live on stage. Ticketfly provides ticketing and marketing software for about 1,200 leading venues and event promoters across North America and makes it easy for fans to find and purchase tickets to events.
The transaction is valued at about $450 million, subject to certain purchase price adjustments, with a nearly equal balance of cash and stock.
The combination of Pandora and Ticketfly will solve the longstanding problem of event discovery by seamlessly connecting Pandora’s nearly 80 million monthly active music fans to events they’ll love. This will enable artists and promoters to sell out more shows and will strengthen the bond between artists and their fans. The companies will also harness the power of their combined data to create new tools for music makers to improvement their revenue and improve recommendations for fans to enhance their overall music experience.
Pandora Media, Inc. provides Internet radio services in the United States. The company allows listeners to create up to 100 personalized stations to access free music and comedy catalogs, in addition to offers Pandora One, a paid subscription service to listeners.
Finally, Blackstone Group LP (NYSE:BX), ended its last trade with 1.52% gain, and closed at $34.06.
Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone produced strong Distributable Earnings in the third quarter, reaching a record for the nine-month period. Despite declines in the public markets that affected our Economic Net Income, underlying trends in our businesses and our portfolio companies remain favorable, which is what drives value ultimately. Recent market volatility should create opportunity for us and we have raised an industry-record $97 billion of capital over the past year to pursue such opportunities. We continue to deliver attractive returns for our limited partners across all of the alternative asset classes and, on the occasion of our 30th anniversary this month, we are as unwavering in this commitment as we were when the firm was founded.”
The Blackstone Group L.P. is a publicly owned investment manager. The firm also provides financial advisory services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations.
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