Shares of online radio giant Pandora surged more than 9 percent Thursday on a report that it is exploring a sale.

Pandora is working with investment bank Morgan Stanley to field potential buyers, Bloomberg News reported, adding that the sale talks were early stage and may not lead to a deal.

The sale chatter hit just a few hours before the company is slated to report fourth-quarter results. Shares were up around 7 percent to $8.99 at 2:50 p.m. in New York trading.

Pandora did not respond to requests for comment. The sale talks were reported earlier by the New York Times.