Private equity giant KKR has backed digital music platform Pandora in a deal worth about $150m. As part of the deal, KKR will acquire newly created shares and hold the right to issue up to $100m more shares. The company said it would use its new capital to invest in “strategic growth opportunities” for Pandora. Pandora offers billions of hours of licensed music to its customers in the US, Australia and New Zealand.
Private equity giant KKR has backed digital music platform Pandora in a deal worth about $150m. As part of the deal, KKR will acquire newly created shares and hold the right to issue up to $100m more shares. In addition, Richard Sarnoff, KKR's head of TMT in the Americas, will join Pandora's board of directors. Pandora offers billions of hours of licensed music to its customers in the US, Australia and New Zealand.