Pandora Media Inc.recently rejected a $15-per-share takeover offer from Liberty Media Corp., TheWall Street Journal reported July 21, citing people with knowledge of the matter.

Liberty Media CEO Greg Maffei in recent months made an offerto buy the internet radio company for $15 a share that would have valued Pandoraat more than $3.4 billion, sources told the Journal,adding that it was not a formal offer, but instead was more of "a fishing expedition."

Despite being more than where Pandora's shares were trading atthat time, the Pandora board reportedly turned down the offer, believing the companyis worth around $20 a share.

Earlier in the year, Pandora reportedly shopped itself to otherpotential suitors, including AppleInc. and Amazon.com Inc.

Activist investor Corvex Management LP and related entities,which own nearly 10% of Pandora, recently suggestedthe company put itself up for sale rather than continuing with a "costly anduncertain business plan."