Music streamers Pandora just received a big lump of funding whilst the company themselves mull their future, with a potential sale on the horizon.

Pandora Media revealed on Monday that an investment of $150 million had been agreed by KKR & Co LP. The investment will see KKR’s head of media & communications private equity investing in the America’s, Richard Sarnoff, join Pandora’s board.

As the company’s shares were bumped by 3.4% to $10.75 in extended trading the board are exploring their strategy for the future. Board member James Feuille said in a statement: “We have positiond the company to evaluate any potential strategic alternatives, including a sale, in the 30 days before the financing is set to close.” Pandora say that Feuille and another member, Peter Gotcher, will both resign from the board as they form an independent committee for the appointment of new directors.

Pandora are being persuaded to consider selling up shop by hedge fund Corvex Management LP, run by activist investor Keith Meister, which last year announced a 9.9% stake in the music streaming service. No decisions have been made yet and Centerview Partners LLC and Morgan Stanley are advising the board on it’s review of strategic alternatives.

KKR’s investment will be made in part of a new designated Series A convertible preferred stock of Pandora. The offering is still not final and has until at least June 8th before it closes, and could be upsized to a total of $250 million.