Pandora is in the drivers seat. Any buyout will occur at a premium to the initial stock offering. Pandora gets the price and terms it wants or no deal. Taking the company private is an option if they don't get their price. Private equity would continue to grow the ad revenue while lobbying on the legislative front. Pandora's ad revenue expertise in the mobile market is worth $$$$. Pandora the leader in internet streaming will get a premium price for any deal to take place now. The wagons are circling.