Rdio files for bankruptcy, assets will likely be acquired by Pandora

Pandora has announced that it is acquiring "key assets" of Rdio for about $75 million. Currently, Rdio is in bankruptcy and the sale itself is contingent on bankruptcy trustee and court approval. After the acquisition, Rdio will cease operating as a streaming service. Pandora's Brian McAndrews stated: “[Purchasing and operating Rdio] would have been a drain for us, and [Rdio] is financially challenged. Those are the two reasons we did not acquire the business but did buy the technology IP. It will be late 2016 [before we launch a new product based on Rdio IP] but that’s all we can say at this point.”