Pandora has reportedly closed a minority investment deal with SiriusXM

on Jun9

A banner for Pandora Media, the online-radio company, hangs in front of the New York Stock Exchange.

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A banner for Pandora Media, the online-radio company, hangs in front of the New York Stock Exchange.

Pandora has reportedly closed an investment deal from SiriusXM.

Pandora and SiriusXM have reached a common ground on valuation, according to Bloomberg. A SiriusXM spokesperson declined to comment to CNBC about whether Sirius had agreed to a minority investment.

Pandora was not immediately available to comment.

Earlier on Thursday, Pandora said that it was exploring interested expressed by an unnamed strategic investor in making a “substantial minority investment.”

A new investment serve in lieu of an investment from KKR, a firm known for private equity deals. Pandora and KKR had reached an agreement on a $150 million investment in May, but announced on Thursday they decided to briefly push back the close of the deal.

Sources told CNBC last month that SiriusXM was in talks to acquire Pandora but had not reached an agreement on value, continuing on-and-off talks that had taken place since December between the two digital radio companies.

Though Pandora is still one of the most popular apps in the App Store, it faces increasingly fierce competition from Amazon, Apple, Spotify and Google. Pandora’s active listeners were 76.7 million at the end of the first quarter of 2017, down from 79.4 million a year ago.

Shares of Pandora briefly spiked nearly 2 percent heading into the closing bell, but pared gains to end the day down more than 0.5 percent. SiriusXM shares rose 1.5 percent, and Liberty Media, the majority owner of SiriusXM, ended the day little-changed.

— CNBC’s David Faber contributed to this report.

Watch: Previous discussions between Pandora & SiriusXM

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