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Report: Pandora hires advisory firm to explore strategic options

Pandora MediaInc. is seeking the advice of Centerview Partners LLC on strategicoptions that it could pursue, Bloomberg News reported July 25, citing sourceswith knowledge of the details.

The advisory firm is helping Pandora discuss its futureplans with activist investor Corvex Management LP and could further helpinitiate a sales process for the company, one of the sources reportedly said.

The talks, however, are at an initial stage and may notmaterialize into a deal, the sources added.

In May, Corvex and related entities Pandora to consider putting thecompany up for sale instead of "pursuing a costly and uncertain businessplan." The hedge fund also suggested the hiring of an independentinvestment bank to explore strategic options, including a sale.