Pandora shares fell 10 percent on Monday following news that founder Tim Westergren is taking over as CEO.
CNNMoney reports many investors have hoped for a sale as the streaming music market becomes increasingly dominated by Spotify and Apple.
However, with the naming of its founder as CEO, a sale isn't likely.
"The tendency is for founders to keep investing for growth; Tim's not going to be the kind of CEO who cuts costs to increase cash flow or sell the business," said Anthony DiClemente, an analyst at Nomura Securities.
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