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Pandora Media Inc. (P), the Internet- radio pioneer, fell the most in six months after the Wall Street Journal reported that Apple Inc. is in talks to license music for a similar radio service.
Pandora tumbled (P) 17 percent to $10.47 at the close in New York, for the biggest drop since March 7. The Oakland, California-based company’s shares had gained 26 percent this year through yesterday.
Apple, based in Cupertino, California, may create a service that would work on its iPhone and iPad devices, as well as on Mac computers and personal computers running Microsoft Corp. (MSFT)’s Windows operating system, the newspaper said, citing a source it didn’t identify.
Apple’s presence in online music sales and installed base of MP3 players, smartphones and tablets could make it more competitive with Pandora than existing rivals such as Spotify Ltd., the newspaper said.
To contact the reporter on this story: Niamh Ring in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Anthony Palazzo at email@example.com