Jana Partners invests in Pandora seeing growth opportunity

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A banner for Pandora Media, the online-radio company, hangs in front of the New York Stock Exchange.

Jana Partners has made an investment in Pandora Media, according to a person familiar with the matter, seeing the stock as under-valued with an opportunity to grow its advertising revenue.

The size of Jana’s stake is unclear. Jana Partners declined to comment. Bloomberg News was first to report Jana’s investment in the company.