“At the right price? Interesting,” the chief executive said during Liberty’s earnings call, before adding, “Not clear this is the right price.”
According to The NY Post, Pandora stock fell 6 percent, to $12.38, after Maffei played down takeover talk and questioned whether Pandora was worth its $3 billion market cap.
Sirius, which is 66-percent-owned by Liberty and has a market cap of $24 billion, unsuccessfully pitched an offer of $15 per share for Pandora last summer.
Many considered combining Pandora’s 81 million users with Sirius’ automobile-dominant 31.3 million subscribers a promising way to deliver a seamless music experience and combat rising music-licensing costs.
Deal rumors resurfaced in February after Pandora CEO Tim Westergren acknowledged his receptivity to joining a large distributor.
Warren Buffett’s entering the mix just weeks ago as a sizable investor in both Sirius and the vehicle that holds Liberty’s Sirius shares also heightened merger expectations.