Hearst Corporation was the only shareholder in Pandora Media with a more than 5% stake to sell down shares as part of the initial public offering to reap about $64.8m in pre-charge profits.
Hearst, a US media conglomerate, has raised $69.9m by selling down half its stake in the flotation of US online music company Pandora Media after it priced above its expected range.
Hearst was the only shareholder with a more than 5% stake to sell down any shares in the initial public offering (IPO). Pandora priced at $16 per share, above a projected range of $10 to $12 each, and Hearst sold just under 4.4m shares. Hearst also retained the same…
