Pandora boosts stock offering as shares hit high

Sep 19, 2013

Pandora stock hit an all-time high Thursday in the wake of a court ruling that should help trim its songwriter royalty costs.

On the heels of the ruling, the company is also hoping to raise more money from investors in a stock sale. On Thursday it increased the number of shares it is offering to the public and raised the offer price to $25 from $23.99. That could net it as much as $379 million, $100 million more than a plan it unveiled three days ago.

The stock is up 5 percent at $26.98 in midday trading. It peaked earlier Thursday at $27.21 and has nearly tripled this year. Investors are happy with the Oakland, Calif., company's revenue growth and the appointment of its new CEO, Brian McAndrews.

Explore further: Pandora Media to issue new stock; shares fall

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Recommended for you

Telefonica ups bid to create Brazil's top operator

2 hours ago

Spain's telecommunications company Telefonica has raised its offer to buy Brazilian operator Global Village Telecom, or GVT, from French media conglomerate Vivendi to 7.45 billion euros ($9.82 billion) from 6.7 billion euros ...

Hackerspaces used to turn ideas turn into reality

Aug 27, 2014

At HeatSync Labs, the tables are littered with computer chips, pens, pads and tools while the room is abuzz with the chatter of would-be inventors hoping to change the world—or just make cool things. They are part of a ...

User comments : 0