Liberty Media CEO Says Pandora Is Too Expensive To Buy, Sending Shares Down More Than 5%

Shares of Pandora Media Inc. have slipped more than 5% in early trade on Tuesday, after Liberty Media Corp. Chief Executive Greg Maffei reportedly said it's unlikely his company would buy the music streaming platform. Maffei reportedly told investors attending the Deutsche Bank Media, Internet and Telecom Conference on Monday that Pandora is overvalued. Maffei has floated the idea that Liberty would be interested in scooping up Pandora in the past, and said during the conference he would probably make a move on the company if it was selling for $10 a share. Liberty Media owns satellite radio provider SiriusXM. It would make sense for the company to add a business like Pandora to its ranks, which it informally tried to do last year, offering to pay $3.4 billion, or $15 a share for Pandora, according to Deadline Hollywood. Shares of Pandora have gained more than 6% in the last 12 months and Liberty Media shares are up almost 6%, while the S&P 500 index is up more than 18% and the Nasdaq Composite index is up more than 24% during the same period.