Register

    Music service Pandora names Dish streaming exec Lynch as CEO

    By SHOOTUpdated:No Comments973 Views
    NEW YORK (AP) --

    Music service Pandora named a new CEO on Monday as it wrestles with competition from Spotify and other newer streaming apps.

    Roger Lynch, the head of Dish's streaming video service, will take over the helm of the Oakland, California, company Sept. 18.

    Pandora said Lynch is the right leader because he has worked with media companies on new distribution models. He is the founding CEO of Dish's Sling TV, which was launched in 2015 as one of the first apps to bundle live TV for the internet.

    Pandora Media Inc. was founded 17 years ago and has primarily been a free internet radio service making money from ads. But its user base has stagnated and its financial losses deepened as new competitors have gained steam.

    It has launched new subscription products over the past year, including one that copies Spotify, Apple Music and other apps by letting users pick the songs they want to listen to.

    Pandora co-founder Tim Westergren left the company in late June after a 15-month stint as CEO. He departed a few weeks after satellite radio company Sirius XM bought a 19 percent stake in a strategic investment, gaining three board seats.

    Pandora also said Monday that it is adding to its board Michael Lynton, the chairman of Snapchat's owner Snap Inc. and former head of film studio Sony Pictures.

    Pandora's shares added 35 cents, or 4.3 percent, to $8.42 in after-hours trading. The stock had dropped 38 percent this year through the close of Monday's regular session.

    Tags:PandoraRoger Lynch



    Supreme Court Allows Multibillion-Dollar Class Action Lawsuit To Proceed Against Meta

    Friday, November 22, 2024

    The Supreme Court is allowing a multibillion-dollar class action investors' lawsuit to proceed against Facebook parent Meta, stemming from the privacy scandal involving the Cambridge Analytica political consulting firm.

    The justices heard arguments in November in Meta's bid to shut down the lawsuit. On Friday, they decided that they were wrong to take up the case in the first place.

    The high court dismissed the company's appeal, leaving in place an appellate ruling allowing the case to go forward.

    Investors allege that Meta did not fully disclose the risks that Facebook users' personal information would be misused by Cambridge Analytica, a firm that supported Donald Trump 's first successful Republican presidential campaign in 2016.

    Inadequacy of the disclosures led to two significant price drops in the price of the company's shares in 2018, after the public learned about the extent of the privacy scandal, the investors say.

    Meta spokesman Andy Stone said the company was disappointed by the court's action. "The plaintiff's claims are baseless and we will continue to defend ourselves as this case is considered by the District Court," Stone said in an emailed statement.

    Meta already has paid a $5.1 billion fine and reached a $725 million privacy settlement with users.

    Cambridge Analytica had ties to Trump political strategist Steve Bannon. It had paid a Facebook app developer for access to the personal information of about 87 million Facebook users. That data was then used to target U.S. voters during the 2016 campaign.

    The lawsuit is one of two high court cases involving class-action lawsuits against tech companies. The justices also are wrestling with whether to shut down a class action against Nvidia.... Read More

    MySHOOT Profiles


    Add A Comment