Shares of Pandora (P) are higher following a New York Post report that SiriusXM (SIRI) is in active talks about a bid for the streaming radio company. Commenting on the Post's report, CNBC's David Faber said the companies have not reached an agreement on price.

RENEWED TALKS: According to The New York Post, Liberty Media (LMCA)-backed satellite radio giant SiriusXM is in "active" discussions about making a bid for online radio streaming service operator Pandora. SiriusXM showed interest before in a possible acquisition of Pandora and recently resumed talks with Pandora's banks over the size of a potential offer, sources told the publication. One "optimistic" industry insider believes an offer could range as high as $12-$13 per share, but that price was "immediately shot down" by sources familiar with the negotiations, the report said. Pandora launched a traditional subscription-based music service in March, putting the company in direct competition with Spotify, Apple Music (AAPL) and others.

WHAT'S NOTABLE: Earlier this month, Pandora reached an agreement with private equity firm KKR (KKR) in which it is investing $150M in exchange for new preferred stock. In connection with the KKR deal, Richard Sarnoff, KKR's Head of Media & Communications Private Equity investing in the Americas, joined Pandora's board, and the companies noted that the offering could be increased to $250M. The KKR deal is expected to close in no less than 30 days, which the Post said prompted speculation the company would look for a suitor within that time frame. Pandora has tapped Morgan Stanley and Centerview to review offers, the Post said. At the time the KKR deal was announced, CNBC's David Faber said that the deal makes it "less likely" Pandora will sell itself. This morning, Faber commented that Pandora and Sirius are not yet reaching an agreement on a possible price for a deal.

PREVIOUS M&A CHATTER. On July 21, 2016, The Wall Street Journal said Liberty Media CEO Greg Maffei offered to buy Pandora for "roughly" $15 per share but the company's board rebuffed the advance as they believed the company's true value is closer to around $20 per share. In early March, Maffei told investors at an industry conference, "We think the stock is overvalued, so it's unlikely we're going to buy them," adding that he believes Pandora is worth $10 per share. On May 9, Maffei, speaking on Liberty's Q1 earnings call, said Pandora has not capitalized on the free online radio space.

RECENT EARNINGS: Earlier this month, Pandora reported mixed first quarter results, reporting a narrower than expected loss on revenue that fell short of analyst expectations. Pandora also lowered its revenue view for the current quarter.

OTHER POTENTIAL SUITORS: SunTrust analyst Matthew Thornton said this morning that he believes Pandora could be bought for a per share price of "$9+-$12+." Thornton, who cut his price target on shares to $10.50 from $16 and kept a Buy rating, thinks that other suitors besides Sirius could include Tencent (TCEHY), Google (GOOG, GOOGL) and Spotify.

PRICE ACTION: Pandora is up 6% to $9.47 in morning trading and Sirius is up 3.3% to $4.89.