Rdio declares Chapter 11 bankruptcy, assets to be sold to Pandora for $75M

[wickedplayer494]

[url]http://techcrunch.com/2015/11/16/confirmed-pandora-buys-key-rdio-assets-for-75m-in-cash-rdio-files-ch-11-to-shut-down/[/url]

[quote=TechCrunch]That was fast: just as soon as it was reported that Pandora was in talks to buy Rdio, the two sides have confirmed that an acquisition is indeed taking place. Pandora has acquired “key assets” from Rdio for $75 million, the company has just announced. But as part of it, the Rdio service as we know it is tanking: the streaming service is shutting down and Rdio is filing for bankruptcy.

“The transaction is contingent upon Rdio seeking protection in the 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,” the company said.

It sounds like Pandora’s plan will be to create its own flavor of on-demand streaming to exist alongside its radio-style service. The assets it is planning to buy include technology and intellectual property. Additionally it’s taking on several members of Rdio’s team, but that will not include Anthony Bay, who is staying on with Rdio to wind down the business, Brian McAndrews confirmed on a conference call about the news today.[/quote]

[Shallaska]

Jesus, every time I set up an account with one of these things it ends up shutting down a few weeks later.

First grooveshark, now Rdio.

Welp, not much of a loss, Rdio's audio quality was kinda iffy sometimes.

[Trekintosh]

Maybe they'll stop emailing me constantly after I listened to one song with my account and stopped using it. I've hit unsubscribe 10 times now!

[Loriborn]

Now there's a useless button on my Roku 3 remote and that's gonna bug me

[Cakebatyr]

I used this service for over a year. I'm sad.

[3bwii]

Fuck I discovered so much good shit through rdio, it was the only service with a good radio system. Rip in spaghetti nvr4ghetti. :(