Pandora Internet radio company files for IPO
Pandora Media Inc. on Friday announced plans for an initial public offering to raise $100 million.
The Oakland, Calif., Internet radio company has 80 million registered users and about half of the market for online radio. Though it is regularly among the top 10 applications for iPhone users, Pandora has yet to turn a profit.
Still, the company, which makes the lion's share of its revenue from selling ads, is regarded as one of the most promising digital music companies. Founder Tim Westergren recently outlined plans to expand Pandora's consumer reach even further by working with automakers such as Ford Motor Co. and Mercedes-Benz to build its service into new cars.
A story on The Times' Company Town blog has more details about the IPO.
-- Alex Pham