Pandora Media Inc (NYSE:P), the leading internet radio service, announced that Tim Leiweke has been elected and Roger Faxon has been nominated for election to the company’s board of directors.
“I could not be more excited for Roger and Tim to join the board. Both are forward-thinking and bring invaluable expertise to help Pandora play a leading role in the evolution of the music industry,” said Brian McAndrews, chairman and CEO of Pandora. “Roger’s deep knowledge of the music business and Tim’s experience in entertainment will provide unique insights as we continue to deliver music our listeners love and new tools to help music makers thrive.”
Leiweke has more than 30 years of sports and entertainment experience. He currently serves as CEO of Maple Leaf Sports & Entertainment (MLSE) and prior to this, was CEO of Anschutz Entertainment Group (AEG). In his first year at the helm of MLSE, Leiweke led a transformation of the company, which included key leadership hires and the recruitment of star players across the National Basketball Association (NBA), Major League Soccer(MLS) and National Hockey League (NHL). In his time at AEG, he created an organization capable of developing, producing, promoting and marketing sports and entertainment programming. It was his vision and executive guidance that resulted in the global expansion of AEG as well as the development of major entertainment arenas such as the StubHub Center, L.A. LIVE and the O2 Arena and Entertainment District in London. Under his leadership, the company also launched its first consumer entertainment platform, AXS Ticketing as well as AXS TV, a cable channel focused on entertainment and lifestyle programming.
Faxon has spent his career leading creative businesses. From 1994 through 2012, he held various positions with the EMI Group, which before its sale in 2012, was among the largest music businesses in the world. During his tenure at EMI, Faxon served as CFO of the Group and CEO of the company’s Music Publishing division, ultimately rising to become CEO of the Group. Prior to joining EMI, he served as CEO of Sotheby’s Europe, was Senior Executive Vice President of Columbia and Sony Pictures and COO of Lucasfilm Ltd. Faxon currently owns and leads A&R Investments, a diversified investment and consulting firm focused on the media and communications industries. He also serves on the Boards of ITV PLC, The Songwriters Hall of Fame, The John Hopkins University, and is on the Council of The Brookings Institution.
Leiweke’s election is effective immediately, while Faxon is being nominated for election at the upcoming annual meeting of stockholders on June 4, 2015.
With these additions, Robert Kavner and David Sze will conclude their tenures on the company’s board on June 4, 2015, the day of the annual meeting of stockholders. Kavner has served on Pandora’s board since March 2004 while Sze has served since May 2009.
“We’re so fortunate to have had Bob and David on the board. I am immensely grateful for their contributions, expertise and guidance as Pandora has grown into the leader it is today,” said McAndrews. “Their passions for building enduring companies helped us navigate a dynamic landscape and position the company for long-term success.”(Original Source)
Shares of Pandora opened today at $17.59 and are currently trading down at $17.355. P has a 1-year high of $30.48 and a 1-year low of $14.50. The stock’s 50-day moving average is $16.14 and its 200-day moving average is $17.80.
On the ratings front, Pandora has been the subject of a number of recent research reports. In a report issued on April 17, Wedbush analyst Michael Pachter maintained a Buy rating on P, with a price target of $27, which represents a potential upside of 53.5% from where the stock is currently trading. Separately, on April 16, BMO’s Edward Williams maintained a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Pachter and Edward Williams have a total average return of -0.3% and 17.9% respectively. Pachter has a success rate of 45.4% and is ranked #2800 out of 3573 analysts, while Williams has a success rate of 60.0% and is ranked #629.
The street is mostly Bullish on P stock. Out of 37 analysts who cover the stock, 26 suggest a Buy rating , 9 suggest a Hold and 2 recommend to Sell the stock. The 12-month average price target assigned to the stock is $25.55, which represents a potential upside of 45.3% from where the stock is currently trading.
Pandora Media Inc provides internet radio services on smartphones, tablets, traditional computers and car audio systems, as well as other internet-connected devices.