Pandora Completes AdsWizz Buy, With Unit's CEO to Run the Business
Pandora sealed its AdsWizz purchase (see 1803210027), the acquirer said Tuesday, for $66.3 million in cash and 9.9 million shares of Pandora common stock. An additional $5 million in cash is payable for completion of milestone provisions, it said. AdsWizz…
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will operate as a stand-alone subsidiary, led by AdsWizz CEO Alexis van de Wyer. She said the company will continue to provide its platform to “our publisher partners everywhere” and be "accessible to all.” Reporting on Pandora’s Q1 earnings earlier this month -- after a drop-off in ad revenue from $223 million in Q1 2017 to $215 million this year -- CEO Roger Lynch underscored the streaming music company’s focus on its ad-supported business. He said the company is looking to grab a “significant” portion of the $28 billion global radio advertising market, seeing an opportunity to steal ad dollars from terrestrial radio.