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Wednesday, August 6, 2014

Pandora strikes first partnership with independent artists, (NYSE: P)

Pandora Media Inc has partnered with a global rights agency representing thousands of independent artists and bands, such as Arcade Fire, Wilco and Lenny Kravitz, the online streaming music service said on Wednesday.The partnership with Merlin is the first for Pandora, meaning it will now have a direct relationship with more than 20,000 independent record labels and distributors that represent about 10 percent of the worldwide music market.Pandora licenses the rights to play recording artists through SoundExchange in the United States, using a rate established by the government."We see tremendous opportunity to work more closely with artists and the music community," Pandora Chief Executive Officer Brian McAndrews said in an interview.

Pandora Media, Inc. (Pandora), is an Internet radio in the United States. Shares of P traded higher by 1.77% or $0.44/share to $25.33. In the past year, the shares have traded as low as $17.97 and as high as $40.44. On average, 8265650 shares of P exchange hands on a given day and today's volume is recorded at 6283418.