Pandora Confirms Acquisition of Key Assets From Bankrupt Rdio

Pandora recently confirms that it had struck a deal with on-demand music platform Rdio well after reports said that the two are in buyout talks. According to a press release, the world’s largest streaming radio service acquired “key assets” from Rdio for USD75 million in cash.

TechCrunch said the acquisition was strategic for Rdio, as it has filed for bankruptcy.

“The transaction is contingent upon Rdio seeking protection in the United States Bankruptcy Court for the Northern District of California. Upon approval of the proposed transaction by the bankruptcy court, Rdio will be winding down the Rdio-branded service in all markets,” the press release read.

Quartz said that as Rdio will shutter down its service, Pandora on their end will use Rdio’s technology and offer Rdio’s platform under its brand alongside the former’s radio-style service. Once everything is finalized, Pandora users will enjoy the Rdio feature by late next year.