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
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)
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(Newser) – 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.

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