SiriusXM Expected to Write Down Pandora by $1 Billion, Citing Royalty Costs

While music streaming is the star of the music industry’s renaissance, Pandora is making headlines for the opposite reason: SiriusXM expects to write down its music streaming service by about $1 billion, a 40% decline from the $3.5 billion price paid fewer than two years ago.
In a press release issued Thursday, the company singled out an expected impact of Pandora’s “royalty cost structure” on its financial performance. New CEO Jennifer Witz went deeper during Thursday&rs