Janko Roettgers, Variety:
Oakland, Calif.-based Pandora announced Monday after the close of markets that it is acquiring assets of music streaming service Rdio for $75 million in cash. The announcement came minutes after Variety exclusively reported about the deal being imminent.
Pandora said in an announcement that the acquisition includes “technology and intellectual property from Rdio.” In addition, it will extend job offers to “many members of Rdio’s team.” As part of the acquisition process, Rdio is filing for bankruptcy, likely to rid itself of accumulated debt. Rdio will also shut down its existing service in all markets.
Last year, Rdio was valued at about $500 million.