Pandora Set to Buy Rdio’s "Key Assets" as Rdio Files for Bankruptcy
Pandora is set to buy “key assets” from streaming service Rdio for $75 million, according to an announcement made by Pandora. Those assets include “technology and intellectual property.”
As the Verge reports, the planned sale arrives as Rdio files for bankruptcy. According to Pandora’s announcement, “Upon approval of the proposed transaction by the bankruptcy court, Rdio will be winding down the Rdio-branded service in all markets. Pandora is not acquiring the operating business of Rdio, and is acquiring the technology and talent to accelerate its own business strategy. The transaction is subject to the approval of the Bankruptcy Court, which will supervise an auction for the assets of Rdio, as well as other customary closing conditions.”
In their own statement, Rdio said, “Rdio’s service will not be interrupted today. We will have more updates in the coming weeks on what this process means for your Rdio account, but for the time being the service continues unchanged.”
Pandora’s purchase of Rdio’s assets may allow the company to start offering on-demand services, like Spotify or Apple Music, rather than just a radio-like format.
Pandora also purchased the ticketing service Ticketfly last month.
Read our Cover Story Station to Station: The Past, Present, and Future of Streaming Music.
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