Pandora strikes $75M Rdio deal, promises new features
OAKLAND, Calif. (AP) — Pandora says it is acquiring technology, intellectual property and potentially employees from Rdio and will add new features to its Internet music streaming service by late next year.
The $75 million cash deal depends on Rdio seeking bankruptcy protection and gaining court approval for the deal. Rdio will wind down its service.
It would be the second big purchase by Pandora following its agreement to buy ticket seller Ticketfly last month for $450 million.
Pandora Media Inc. CEO Brian McAndrews said in a statement Monday that the company is defining the next chapter of its growth.