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Pandora’s board has turned down a take-over offer from Liberty Media, according to a report from the Wall Street Journal. Liberty Media CEO Greg Maffei approached the company with an offer of around $15 per share in recent months, which would equal around $3.4 billion, according to the Journal.

However, Pandora’s board declined the offer, with the paper reporting that board members value the company at closer to $20 per share. It also looks like talks didn’t advance very far; instead, Maffei may just have floated the idea to get a sense of how much Pandora was looking for.

Pandora has been under pressure for some time because of increased competition in the online music space from on-demand services like Spotify and Apple Music, as well as ongoing concerns about the company’s ability to generate profits. Earlier this year, the New York Times reported that Pandora had enlisted Morgan Stanley for talks with potential buyers.

Pandora is scheduled to release its Q2 2016 earnings results Thursday after the market closes.