diff --git a/youtube_dl/extractor/pandatv.py b/youtube_dl/extractor/pandatv.py
index 84014f3c5..133cc9b88 100644
--- a/youtube_dl/extractor/pandatv.py
+++ b/youtube_dl/extractor/pandatv.py
@@ -2,16 +2,16 @@
 from __future__ import unicode_literals
 
 from .common import InfoExtractor
-from ..compat import compat_str
 from ..utils import (
     ExtractorError,
-    qualities
+    qualities,
 )
 
+
 class PandaTVIE(InfoExtractor):
     IE_DESC = '熊猫TV'
     _VALID_URL = r'http://(?:www\.)?panda\.tv/(?P<id>[0-9]+)'
-    _TESTS = [{
+    _TEST = {
         'url': 'http://www.panda.tv/10091',
         'info_dict': {
             'id': '10091',
@@ -23,25 +23,23 @@ class PandaTVIE(InfoExtractor):
         'params': {
             'skip_download': True,
         },
-    }]
+        'skip': 'Live stream is offline',
+    }
 
     def _real_extract(self, url):
         video_id = self._match_id(url)
 
         config = self._download_json(
-            'http://www.panda.tv/api_room?roomid=%s' % video_id,
-            video_id
-        )
-
-        data = config['data']
+            'http://www.panda.tv/api_room?roomid=%s' % video_id, video_id)
 
         error_code = config.get('errno', 0)
         if error_code is not 0:
-            error_desc = 'Server reported error %i' % error_code
-            if isinstance(data, compat_str):
-                error_desc += ': ' + data
-            raise ExtractorError(error_desc, expected=True)
+            raise ExtractorError(
+                '%s returned error %s: %s'
+                % (self.IE_NAME, error_code, config['errmsg']),
+                expected=True)
 
+        data = config['data']
         video_info = data['videoinfo']
 
         # 2 = live, 3 = offline
@@ -52,8 +50,12 @@ class PandaTVIE(InfoExtractor):
         title = data['roominfo']['name']
         uploader = data.get('hostinfo', {}).get('name')
         room_key = video_info['room_key']
-        stream_addr = video_info.get('stream_addr', {'OD': '1', 'HD': '1', 'SD': '1'})
+        stream_addr = video_info.get(
+            'stream_addr', {'OD': '1', 'HD': '1', 'SD': '1'})
 
+        # Reverse engineered from web player swf
+        # (http://s6.pdim.gs/static/07153e425f581151.swf at the moment of
+        # writing).
         plflag0, plflag1 = video_info['plflag'].split('_')
         plflag0 = int(plflag0) - 1
         if plflag1 == '21':
@@ -65,14 +67,19 @@ class PandaTVIE(InfoExtractor):
         suffix = ['_small', '_mid', '']
         formats = []
         for k, v in stream_addr.items():
-            if v == '1':
-                quality = quality_key(k)
-                if quality >= 0:
-                    formats.append({
-                        'url': 'http://pl%s.live.panda.tv/live_panda/%s%s%s.flv' % (plflag1, room_key, live_panda, suffix[quality]),
-                        'format_id': k,
-                        'quality': quality,
-                    })
+            if v != '1':
+                continue
+            quality = quality_key(k)
+            if quality <= 0:
+                continue
+            for pref, (ext, pl) in enumerate((('m3u8', '-hls'), ('flv', ''))):
+                formats.append({
+                    'url': 'http://pl%s%s.live.panda.tv/live_panda/%s%s%s.%s'
+                    % (pl, plflag1, room_key, live_panda, suffix[quality], ext),
+                    'format_id': '%s-%s' % (k, ext),
+                    'quality': quality,
+                    'source_preference': pref,
+                })
         self._sort_formats(formats)
 
         return {