Pandora Media

Major Pandora investor pressures company to sell

Major Pandora investor pressures company to sell

An activist investor is putting pressure on Internet radio giant Pandora Media Inc. to sell the company, which is facing increasing competition in the growing streaming music industry. 

Corvex Management, a hedge fund run by Keith Meister, on Monday wrote a letter to Pandora's board of directors encouraging the company to hire an independent investment bank to explore options including a sale. 

In his note, included in a regulatory filing, Meister questioned recent decisions by the company, including the sudden appointment of founder Tim Westergren as chief executive, and the acquisition of online concert ticket merchant TicketFly. 

Meister, a protege of...