Davis Polk advised Pandora Media, Inc. on a $523 million SEC-registered follow-on offering of common stock by the company and certain stockholders, which includes the full exercise of the underwriters’ option to purchase additional shares from Pandora.
Based in Oakland, California, Pandora is the leader in internet radio in the United States, offering a personalized experience for each of its listeners wherever and whenever they want to listen to radio on smartphones, tablets, traditional computers and car audio systems, as well as a range of other internet-connected devices. Pandora has over 200 million registered users, and more than a 70% share of internet radio among the top 20 stations and networks in the United States.
The Davis Polk corporate team included partner Martin A. Wellington and associates Sara Chang, Nicholas J. Dashman and Adam Gottesfeld. Partner Rachel D. Kleinberg and associate Catherine Paskoff Chang provided tax advice. Counsel Catherine L. Martin provided 1940 Act advice. Members of the Davis Polk team are based in the Menlo Park office.