Cayman Islands-Based Corvex Will Be Allowed to Buy Stake in Pandora

Cayman Islands-based Corvex Master Fund will be allowed to buy up to 14.99 percent of Pandora, the FCC Media Bureau said in a declaratory ruling Tuesday. “The public interest would not be served by prohibiting the proposed additional foreign ownership of Pandora Media by Corvex.” Corvex's request was unopposed, the bureau said. Corvex is based in the Cayman Islands but controlled by U.S. citizens. It asked the FCC to preapprove up to 14.99 percent, though it's only currently seeking 9.99 percent ownership (see 1608120061). A declaratory ruling that allowed Pandora to buy KXMZ(FM) Box Elder, South Dakota, included a condition that the FCC must grant approval for foreign entities that want to acquire more than 5 percent of the company, and requires Pandora to seek FCC permission to go above 49.99 percent foreign owned. Another Cayman-based company, Matrix Master Fund, is also seeking a stake in the music streaming company (see 1612210063).