Dec. 15 is a crucial deadline for a tribunal within the Library of Congress to rule on music royalty rates for Pandora. The company’s investors have been anxious for months about the judges’ decision, which seems likely to push Pandora’s already prohibitive music costs even higher. Yet into the maw of uncertainty, Pandora on Wednesday evening announced it was seeking to raise $300 million in a sale of convertible bonds. Shares fell 10 percent in a dour market day.
Source: Pandora Isn’t Whistling a Happy Tune – Bloomberg Gadfly