Pandora has completed its acquisition of technology and intellectual property from Rdio. The company will also add nearly 100 former Rdio employees to its product, engineering and content licensing teams.
This will accelerate Pandora's plan to substantially broaden its subscription business and roll out a multi]tier product by late 2016. With its Internet radio product, the recent acquisition of Ticketfly and the talent, technology and IP of Rdio, the company will bring to bear a technology stack, monetization engine and data asset without peer.
Rdio sought protection in the United States Bankruptcy Court for the Northern District of California and began to wind down its business and release employees. Rdio discontinued their service as of December 22, 2015. Pandorafs acquisition of technology and talent from Rdio was subject to the approval of the Court, which was obtained on December 22, 2015. The purchase price is $75 million in cash, subject to certain purchase price adjustments.
Pandora's agreement to acquire key assets and talent from Rdio was originally announced on November 16, 2015.
via Celebrity Access