2nd Cayman Islands Company Seeks to Buy Into Pandora

A second Cayman-Island based, U.S. citizen-controlled investor is seeking FCC permission to own about 15 percent of Pandora, said a public notice on the investor's petition for declaratory ruling filed Wednesday in docket 16-418 by Matrix Master Fund. Matrix already owns 9.877 percent and wants to increase that to 14.99 percent. In August, Cayman-based Corvex Master Fund filed a similar petition (see 1608120061), seeking to buy 9.99 percent and be pre-approved to buy up to 14.99 percent. “Team Telecom” withdrew a hold request on Corvex's still-pending petition earlier this month. Like Corvex, Matrix identifies the fund as being ultimately controlled by a U.S. citizen through “intervening entities” organized under Delaware law. Corvex was controlled by Keith Meister, and Matrix is controlled by David Goel, the petition said. Both companies needed to file the request because of a provision in an FCC declaratory ruling that allowed Pandora to buy a terrestrial radio station. The provision requires FCC approval for any foreign company seeking to buy more than 5 percent of Pandora. Comments are due on Matrix's petition Jan. 23, replies Feb. 7.