Elevation Moving to Acquire a Large Stake in Pandora

Elevation Partners’ strategy to own large— even if late stage– chunks of leading Internet companies isn’t going away. We’ve heard from sources close to Elevation that the firm has signed a letter of intent to acquire a large chunk of shares in a “leading online music company” from an early investor, and Pandora spokesperson Deborah Roth has confirmed, “We’re aware that Elevation has been interested in buying Pandora shares.”

Earlier sources close to Elevation had told us that there was one more large secondary deal brewing to invest in a well-known, established Internet brand and that the deal size would be around $100 million. It’s a decent assumption this is the deal in question. Especially considering how long some early investors have been in Pandora, and the general meh-ness of this year’s IPO market. We’ll report more details as we get them.