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Pandora Just Plunged Because It Made a Huge Acquisition — Tech Roundup


NEW YORK (TheStreet) -- Shares of Pandora (P - Get Report) dropped by 4.6% Wednesday, closing at $20.98, after the Oakland-based Internet radio company said it would buy Ticketfly, a ticket marketer, for $450 million.

"We believe this acquisition closes the loop for Pandora by creating a one-stop-shop for artist discovery, marketing and concert ticket sales," John Egbert, a Stifel Nicolaus analyst, told the Associated Press.

San Francisco-based Ticketfly "sold 16 million tickets to 90,000 events last year, with the value of those tickets surpassing $500 million, the news service reported.

"The combination of Ticketfly and Pandora will be game-changing for our clients," said Rachel Durfee, Ticketfly's director of communications, said in a company blog post.

"Ticketfly and Pandora will be a marketing and event discovery powerhouse, giving our clients unprecedented access to a massive and targeted audience of nearly 80 million music fans.

"We will solve the longstanding problem of event discovery by seamlessly connecting Pandora's enormous audience to events they'll love. This will enable promoters to sell out more shows, and will strengthen the bond between artist and fan."

Pure Storage (PSTG) disappointed investors Wednesday in its Wall Street debut, closing at $16.01 after being priced Tuesday night at $17 in its initial public offering.

The company's shares opened...