It wasn’t long ago that Liberty Media CEO Greg Maffei was considering buying Pandora, but now he sounds disappointed by the music streamer.

Maffei, dealmaker-in-chief for the holding company at the heart of John Malone’s media empire, said Tuesday that Pandora Media Inc.'s recent launch of a subscription music version amounted to going head-to-head against “large-fanged” competitors instead of making its leading, ad-supported streaming service a better business.

“It has a better product than other free services. I don’t think they’ve attacked that opportunity as well as they could,” Maffei said on a conference call with Wall Street analysts.

His comments came a day after Pandora attracted a $150 million investment from private equity giant KKR. The KKR investment reportedly precedes another exploration of Pandora’s strategic alternatives, including a sale.

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