Tuesday, 17 November 2015

Pandora snaps up Rdio's assets

Spotify rival Rdio is set to file for bankruptcy in the US - and has already agreed to sell key assets to Pandora for $75m in cash. The move means that Pandora, previously a pureplay digital radio service, now has the platform its needs to become a fully interactive streaming service. The transaction is subject to the approval of the Bankruptcy Court. The Rdio acquisition news comes one month after Pandora bought ticketing firm Ticketfly for $450m - and Spotify set up its new Concerts service.

Of the $30m in unsecured debt that was declared, Rdio owed $2.4M to Sony Music Entertainment and Rdio owed Warner Music Group $613,374 and Universal Music Group $294,219. Apart from Sony, Rdio’s biggest creditors are partner and set-top box firm Roku Inc ($2.76m owed) and AEG-owned ticketing firm AXS Digital LLC ($1.25m owed). Other creditors of interest to the music industry include Shazam ($1.17m owed), Tunecore ($236k owed) and Merlin BV ($134,960 owed). The Orchard – now a fully-owned Sony Music company – was owed $383,960. 

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