Corvex discloses large Pandora stake, pushes for sale: letter

Corvex Management disclosed on Monday that it owns 9.9 percent of Pandora Media Inc and urged the internet music streaming company to explore a sale. Corvex is run by Keith Meister, a protégé of billionaire activist investor Carl Icahn, and said in the letter to Pandora's board that it had been meeting with the company's management in recent months. "We have become increasingly concerned that the company may be pursuing a costly and uncertain business plan...," Corvex said.