Pandora (P -3.3%) is trading lower as CEO Joe Kennedy gets ready to testify before Congress in favor of the Internet Radio Fairness Act, which would bring the royalty rate paid by Pandora in line with what's paid by satellite radio firms. "The current rate-setting structure is a clear case of discrimination against the Internet," Kennedy states in prepared testimony. Needless to say, the music industry feels differently. SA's Stephen Faulkner doubts the Act will pass, given the differences between Internet and satellite radio's business models.
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