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  • Pandora Announces Plan to Buy Rdio Assets for $75 Million, Rdio to File for Bankruptcy

    Pandora recently announced that it will be spending $75 million to acquire the technology, intellectual property and talent from the on-demand competitor, Rdio, which plans to file for bankruptcy as part of the whole deal. The whole agreement was made public after the stock market closed on Monday with Pandora issuing a statement on its website, detailing some of the terms.

    Technology aside, Pandora said it will end up retaining “many members of Rdio’s team, though based on the wording, it appears that only certain employees will be assimilated by the end of the deal. It should be noted that with Rdio’s assets, Pandora will be able to move forward with its plans to expand its services beyond just streaming to on-demand offerings.

    According to Pandora CEO, Brian McAndrews, the company wants to offer “radio, on –demand and live music” all under one banner. He went on to stay that Pandora intends to field a “full on-demand paid subscription” option, similar to that offered by Spotify and Apple Music, all in an effort to stay competitive.

    As far as Rdio, the company is said to be entering bankruptcy proceedings soon in an effort to liquidate any remaining assets. The company previously took a swipe at Apple Music back in June by “welcoming” the service to the world of music streaming but now it appears that the service is on the opposite end of the spectrum, being on the way out.

    The deal between Pandora and Rdio as a whole is contingent on regulatory approval and bankruptcy court proceedings, which include an auction of Rdio’s assets. Once this transaction is complete, Rdio will shut down its services in all of its markets.

    Source: Pandora (Press Release), Variety
    This article was originally published in forum thread: Pandora Announces Plan to Buy Rdio Assets for $75 Million, Rdio to File for Bankruptcy started by Akshay Masand View original post