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Rdio is shutting down, Pandora scoops up its assets for $75 million

Rdio shuts down after filing for bankruptcy, with Pandora securing its 'key assets' for $75 million

By Anthony Garreffa on Nov 17, 2015 at 02:05 am CST - 1 min, 0 secs reading time

In a move that might shock some, Rdio is shutting down now that it has filed for bankruptcy. Pandora will be acquiring Rdio's "key assets" to the tune of $75 million.

Rdio is shutting down, Pandora scoops up its assets for $75 million | TweakTown.com

Pandora will secure all of Rdio's technology and IP while the company will be offering jobs to "many" of Rdio's staff. With Pandora not acquiring the entire company, there will be some Rdio employees left without a job once it's all said and done. Rdio's CEO for example, will not be making the transition to Pandora.

Now that Pandora will be taking some of Rdio's most important parts, it will allow the company to become much more than just a streaming radio. Pandora has been doing well in the market, but it has struggled to maintain its growth and turn a profit, especially when it's competing against the likes of Spotify, Google and Apple which all offer various features and on-demand music streaming.

The Rdio brand and company will be shut down entirely, with the sale of key assets to be completed in Q1 2016. The auction of Rdio's other assets will be handled by the United States Bankruptcy Court for the Northern District of California.

Anthony Garreffa

ABOUT THE AUTHOR - Anthony Garreffa

Anthony is a long time PC enthusiast with a passion of hate for games to be built around consoles. With FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with high-end, custom-built PCs. His addiction to GPU technology is unwavering, and with next-gen NVIDIA GPUs about to launch alongside 4K 144Hz HDR G-Sync gaming monitors and BFGDs (65-inch 4K 120Hz HDR G-Sync TVs) there has never been a time to be more excited about technology.

NEWS SOURCE:techspot.com

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