Pandora Media Inc (NYSE:P), the world’s most powerful music discovery platform, and Warner/Chappell Music, the global music publishing company of Warner Music Group, today announced a multi-year licensing agreement for Warner/Chappell Music’s catalog of musical works. This direct publishing deal creates business benefits for Pandora, while modernizing compensation for Warner/Chappell Music and its songwriters in the U.S. This Smart News Release features multimedia.
“It is Warner/Chappell’s top priority to make sure our songwriters are prospering both creatively and commercially, and that the value of their music is properly recognized,” saidJon Platt, chief executive officer, Warner/Chappell Music. “We look forward to seeing our songwriters benefit from this new agreement with Pandora.”
“We are thrilled to partner with Warner/Chappell Music, which has represented many of the most talented songwriters for over 200 years,” said Brian McAndrews, chief executive officer, Pandora. “Pandora is proud to be part of their tradition of maximizing the value of music publishing and talent.”
While specific terms of the multi-year agreement are confidential, the companies worked together to build an innovative approach to publisher economics. The deal allows Warner/Chappell Music to obtain its goal of delivering improved performance royalties for its songwriters, while Pandora will benefit from greater rate certainty and the ability to add new flexibility to the company’s product offering over time. The royalties paid by Pandora to sound recording owners are not affected by this agreement. (Original Source)
Shares of Pandora Media closed yesterday at $12.45, down $0.16 or -1.27%. P has a 1-year high of $22.60 and a 1-year low of $11.38. The stock’s 50-day moving average is $12.84 and its 200-day moving average is $16.57.
On the ratings front, Pandora Media has been the subject of a number of recent research reports. In a report issued on December 10, Pacific Crest analyst Andy Hargreaves maintained a Hold rating on P. Separately, on December 9, Albert Fried’s Richard Tullo maintained a Sell rating on the stock and has a price target of $11.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andy Hargreaves and Richard Tullo have a total average return of 30.9% and 4.1% respectively. Hargreaves has a success rate of 66.1% and is ranked #42 out of 3616 analysts, while Tullo has a success rate of 57.1% and is ranked #639.
Overall, 2 research analysts have rated the stock with a Sell rating, 10 research analysts have assigned a Hold rating and 10 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $17.77 which is 42.7% above where the stock closed yesterday.
Pandora Media Inc provides internet radio services on smartphones, tablets, traditional computers and car audio systems, as well as other internet-connected devices.