As Rdio files for bankruptcy, Pandora picks it up for $75 million
Pandora, already one of the biggest players in the music streaming space, has just announced it is acquiring “key assets” from fellow streaming service Rdio for $75 million. However, this isn’t just a standard case of one company buying another — Pandora’s press release says the deal is contingent upon Rdio “seeking protection in the United States Bankruptcy Court for the Northern District of California.” It sounds as if Rdio has finally run out of cash while trying to compete with giants like Spotify and Apple Music, and Pandora will be stepping in to use its technology to enhance its platform. The deal is expected to close in the first quarter of 2016.
Via: Variety
Source: Pandora
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