There’s a “box” you need to look into in the music biz
Steve’s breakdown: The ducks are rowing up at Pandora (get it – “box”) with the hiring of SlingTV founder as their CEO. And not-for-nothin’, they are due to also hire a grown-up ad agency again.
OAKLAND, CA: Music streaming company Pandora named Roger Lynch as chief executive on Monday, replacing interim CEO Naveen Chopra who will continue as the chief financial officer.
Lynch previously worked as the founding CEO of Sling TV, Dish Network’s online streaming service.
Pandora shares were up 4.5% at $8.45 in after market trading.
The company had faced a management reshuffle in June after Sirius (SIRI, +1.44%) controlled by media mogul John Malone’s Liberty Media Corp, said it would invest $480 million, get three board seats and the right to pick the chairman.
Following the Sirius XM announcement, Pandora’s co-founder Tim Westergren stepped down. The chief executive and board member announced his departure June 27, alongside the company’s president Mike Herring and chief marketing officer Nick Bartle. Days later, during the Pandora’s quarterly report, the company reported a 10% rise in revenue, despite posting a net loss of $275 million.