Pandora is looking to expand its music streaming offerings with a new deal that it says will include acquiring "several key assets" from the rival Rdio service.
Pandora will buy those assets for the cash price of $75 million, according to its press release:
In addition to acquiring technology and intellectual property from Rdio, many members of Rdio's team will be offered roles with Pandora, subject to close of the agreement. The company expects to offer an expanded Pandora listening experience by late 2016, pending its ability to obtain proper licenses.
At the same time, Rdio is planning to file for protection in United States Bankruptcy Court for the Northern District of California:
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.
Source: Pandora (opens in new tab)
