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Pandora (P) Stock Declining Following Ticketfly Acquisition

NEW YORK (TheStreet) -- Shares of Pandora (P - Get Report) are down by 2.41% to $21.45 in pre-market trading on Wednesday morning, after the music streaming service announced it will acquire Ticketfly for $450 million in cash and stock.

Ticketfly is a live event promoter offering tickets and a competitor to the popular event sales site Ticketmaster.

"This is a game changer for Pandora, and much more importantly, a game changer for music," Pandora CEO Brain McAndrews said in a statement announcing the deal.

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"Over the past 10 years, we have amassed the largest, most engaged audience in streaming music history. With Ticketfly, we will thrill music lovers and lift ticket sales for artists as the most effective market place for connecting music makers to fans," the CEO continued.

With Pandora in control of Ticketfly it could spell trouble for...