Head of Colorado-based Liberty Media makes bid for Pandora

staff photo
(Courtesy of Pandora)

(Courtesy of Pandora)

The head of Englewood-based Liberty Media Corp., Greg Maffei, recently made a roughly $3.4 billion offer for Pandora Media Inc., The Wall Street Journal reported Thursday.

Liberty Media controls Sirius XM Holdings Inc., a satellite-radio company that could benefit from being tied to the music streaming business Pandora, Maffei reportedly told investors in June during a private meeting in Denver.

Pandora’s board didn’t immediately agree. Top brass at the music company rebuffed Maffei’s advance because they believed the company was worth more than what was offered, The Wall Street Journal reports.

It remains to be seen if Maffei will raise his informal bid.

Subscribe to Denverite’s newsletter hereBusiness & data reporter Adrian D. Garcia can be reached via email at agarcia@denverite.com or twitter.com/adriandgarcia.

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