Pandora is one of the top internet radio sites in the world, and today they are expanding a little further.
Variety reported that Pandora has bought out Rdio for $75 million. Rdio is a San Francisco based subscription service. As a part of the deal, the music streaming site is offering jobs to Rdio employees, as well as their technology and intellectual property. Rdio’s CEO Anthony Bay won’t be joining the company.
Pandora has been a huge success over the past 15 years but numbers have slowed and even dropped over the past few years. They have been struggling financially as of late and The Verge reports that it is because of government setting royalty rates.
The site hopes to get an updated and more modern online streaming service. Rdio currently has a presence in over 100 countries but has recently filed for bankruptcy. Legally, the deal is not finalized because Rdio still has to hear other offers from competitors.
The deal is expected to close in the first quarter of 2016.
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