Rdio shutting down, Pandora to acquire Key Assets for $75 Million

Rdio music streaming service which had a presence in over 100 countries including India is shutting down. The company has announced bankruptcy and will file for Chapter 11 protection in the US.

Rdio came to India in March last year with the acquisition of local music streaming service, Dhingana.

Pandora is set to acquire "Key Assets" from Rdio worth $75 million which include intellectual property rights, technology and possibly some personnel as well. All licensing deals will die with Rdio.

Even though the process has begun including the agreement of terms between Pandora and Rdio, they are still subject to approval from the US court on Chapter 11 Bankruptcy.

Source: WSJ