Larry Marcus and Peter Gotcher’s early bet on Pandora Media Inc. appeared to be a bust three years ago when the business was buried in music-royalty fees. Now they’re preparing for its debut as a public company.
To survive, Pandora negotiated better terms with the music industry, narrowed its losses and attracted more than 80 million users. Its plan for an initial public offering, announced last week, would make it unique among Internet-music companies: None has gone public since Napster went bankrupt in 2002.
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