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Pandora Said to Add Centerview to Advise on Strategic Options

  • Bank said to be hired to satisfy activist investor Corvex
  • Centerview’s role could morph into running a sales process

Pandora Media Inc. hired Centerview Partners LLC to advise on strategic options as it seeks to placate activist investor Corvex Management LP, according to people familiar with the matter.

Centerview is helping the internet radio provider discuss its future plans with Corvex, said the people, who asked not to be identified because the discussions are private. The New York-based boutique advisory firm may also at some point be asked to run a sales process for Pandora, one of the people said. No deal is imminent and talks about a sale are preliminary, the people said.