Pandora to Acquire 'Key Assets' From Rdio for $75 Million
As Rdio files for bankruptcy, Pandora has announced it will acquire technology and IP from the music-streaming platform.
Music streaming platform Pandora has announced it will acquire ‘key assets’ from rival music streaming service Rdio for $75 million. Rdio itself has filed for bankruptcy, with Pandora’s purchase being contingent upon the approval of the transaction by the bankruptcy court for the northern district of California.
With this purchase, Pandora will acquire ‘technology and intellectual property’ from Rdio, and will also bring many of Rdio’s team on board. Pandora plans to expand its services by late 2016, to become users’ go-to music enjoyment and discovery platform, in part by connecting users to live music events via its previous acquisition of Ticketfly.
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