Elevation Partners Keeps Internet Hits Coming With Pandora

Private equity firm Elevation Partners is continuing to invest in big-name venture-backed Internet businesses, this time putting a deal together for online radio service Pandora Media.

The technology and media investor – which counts U2 front man Bono as a managing director – signed a letter of intent to buy a stake in a secondary sale from existing shareholders, a person familiar with the deal confirmed. TechCrunch reported the deal earlier.

The deal still has some time to ferment as the shareholders have a right of first refusal. The transaction is expected to move past that point within a month, the source said. The size of the deal and current valuation of Pandora, a darling among techies, wasn’t immediately available.

Pandora and several of its investors declined comment. The company raised $35 million in June, giving it a total of at least $56 million in venture backing, according to VentureWire, from Greylock Partners, Crosslink Capital, DBL Investors, Hearst Corp., King Street Capital, Labrador Ventures, Selby Ventures and Walden Venture Capital.

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