The Wall Street Journal reports that the (largely) European streaming service Deezer has pulled its initial public offering float of shares on the Paris stock exchange. Let me tell you, pulling an IPO is no small thing, particularly on the eve of registering the shares. That’s the kind of thing that can ruin your whole day, and makes it very, very difficult to keep the underwriting syndicate together.
Why did it happen? Partly due to the sharp drop in Pandora stock after investors began to realize that Apple Music had made significant gains against “free music” services like Pandora and Spotify that survive on advertising often served by Spotify board member Google.
This is to be expected–even Google’s legendary ability to suppress news about its interests that it doesn’t like cannot break through this:
Pandora Media, Inc., from Wall Street Journal
We can understand how a public company’s stock…
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