US internet radio service Pandora has been a repeat recipient of takeover speculations in the past year, yet a buyer remains elusive. There are obvious signs why outside investors are holding off looking at the company’s fall from grace, with a market cap of just under $1.8 billion as of writing, crashing from $3 billion two years ago. Now, major investor Liberty Media, with a 19% stake, is growing impatient and last week suggested a merger between Pandora and iHeartMedia would present a better outcome, after SiriusXM, in which Liberty Media controls 68.5%, has previously attempted and failed to buy Pandora. The more realistic agenda here is that Liberty Media wants to sell off its stake in Pandora quickly to…