Pandora Eyes $100M IPO

It hasn't ever turned a profit, but why let the details get you down?
By Polly Davis Doig,  Newser Staff
Posted Feb 12, 2011 9:17 AM CST
Pandora Eyes $100M IPO
Tim Westergren, Chief Strategy Officer & Founder of Pandora, arrives to the annual Allen & Co. Media conference in Sun Valley, Idaho, Tuesday, July 6, 2010.   (AP Photo/Nati Harnik)

Pandora's about to open a new box, reports the LA Times: The Internet radio service filed yesterday for an IPO it hopes will raise $100 million and give it the chance to turn a profit for the first time. Though some 80 million listeners tune in, Pandora is largely free; it lost $16.8 million for the fiscal year ended Jan. 31, 2010, but only $300,000 from that period through Oct. 31, 2010. It coughs up 60% of its revenues to pay performance royalties.

As CEO Tim Westergren told the CES last month: "We've been through a long road to get here. This company should have been dead long ago. But now I can be more ambitious about what we can accomplish. It's surreal." No initial share price was announced. (More Pandora stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.