Pandora Doesn't Object to Foreign Investor

Pandora has no objection to and takes no position on foreign-owned Corvex Master Fund's petition for declaratory ruling to be allowed to own up to 14.99 percent of the music streaming company, they said in a joint filing posted Thursday. Corvex is based in the Cayman Islands but is controlled by U.S. citizens, Corvex's petition said (see 1608120061). A declaratory ruling that allowed Pandora to buy a Box Elder, South Dakota, radio station included a condition that the FCC must grant approval for foreign entities that want to acquire more than 5 percent of the company. Corvex wants to buy 9.99 percent but wants the FCC to pre-approve up to 14.99 percent. Another Cayman based company, Matrix Master Fund, is also seeking a stake in Pandora (see 1612210063).