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Billionaire Steven Cohen Takes 'Passive' Stake in Pandora

Steve A. Cohen, the billionaire hedge-fund manager

Pandora (P) has a new major stakeholder.

It's none other than Steven A. Cohen, the billionaire hedge-fund manager whose former firm SAC Capital Advisors, was long a subject of federal investigators prosecuting insider trading.

According to a company filing, Cohen has amassed 12,558,792 shares in Pandora, or a 5.2% stake in the world's largest internet radio operator. Importantly, the stake is a so-called "passive" investment, meaning that Cohen isn't able to use those shares to launch a proxy contest, i.e. to challenge the current board of...