Pandora Media Inc. posted the biggest decline in short interest relative to shares outstanding among Kagan-covered new media companies between July 14 and July 31.

The percentage of the company's shares held short relative to shares outstanding dropped 320 basis points to 36.38% as of July 31. The company also topped the list of most shorted new media companies during the second half of July.

Blucora Inc. saw the largest increase in short interest relative to shares outstanding among Kagan-covered new media companies between July 14 and July 31. The percentage of the company's shares held short relative to shares outstanding increased 79 basis points to 4.44% as of July 31.

Kagan is a research group within S&P Global Market Intelligence.