Music discovery platform Pandora (NYSE: P) has completed its acquisition of technology and intellectual property from Rdio, the company said.
The purchase price is USD 75 million in cash, subject to certain purchase price adjustments.
The company will also add nearly 100 former Rdio employees to its product, engineering and content licensing teams.
This move will accelerate Pandora´s plan to broaden its subscription business and roll out a multiâtier product offering by late 2016. With its industryâleading Internet radio product, the recent acquisition of Ticketfly and the great talent, technology and IP of Rdio, the company will bring to bear a technology stack, monetization engine and data asset without peer.
Rdio sought protection in the United States Bankruptcy Court for the Northern District of California and began to wind down its business and release employees accordingly.