Pandora Media’s down 7.7% this afternoon after CNET reported that Apple is “close” to enlisting Universal Music and Warner Music for an iTunes-linked streaming service. Apple would make it easy for users to buy songs that they like, and would share as much as 45% of the revenue from the ads it sells on the service. That appeals to the music companies even though they’d collect less for each stream than they do from Pandora. Apple wants to strike licensing deals with Sony Music, music publishers and others in time to introduce the service this summer in the U.S. as well as the UK, France, Germany, Australia, and Japan. Last month Pandora CEO Joe Kennedy startled investors by announcing that after a decade at the helm he plans to leave the company after it picks a successor. The stock is up 39% so far this year.
Pandora Shares Fall On Report That Apple Nears Streaming Music Deals
What's Hot on Deadline
The Rock Rolls Over His Previous Solo Bows With Est. $46.5M 'San Andreas' Opening - Late Night Friday B.O.
'San Andreas' Review: Dwayne Johnson's Heroics Save Everything But The Script In This Disaster (Movie)