Pandora Media bought a bankrupt competitor Rdio for $ 75 million

Pandora Media bought a bankrupt competitor Rdio for $ 75 million

24.12.2015 News

December 23, 2015, the representatives of the largest streaming service in the USA Pandora Media reported that the company absorbed the music service Rdio, which become bankrupt, for $ 75 million. The deal was approved by the judge on the bankruptcy. There were no competing bids for the purchase of service.

Pandora now becomes  the owner of the technology and other intellectual property rights of music service Rdio. For the  Pandora Company it is an excellent opportunity to expand the range of products offered to users and increase profits. Pandora representatives suggested that the new service will be started on the basis of Rdio. This acquisition will make Pandora  the strongest competitor for market participants such as the Apple Music and Spotify.

At this stage, the  debts of the company Rdio account for about $ 200 million. In proceedings on bankruptcy, Rdio has received the approval to allocate bonuses to employees for their motivation to work through the process of bankruptcy. In turn, the representative of the Justice Department Tracy Hope Davis stated that  the court decision contradicts the law on bankruptcy, which refers to retention of payments for executives and other so-called insiders of the company.

Pandora Media Inc.  is a large popular service  in the United States for searching and listening to audio recordings. In 2013 more than 150 million users enjoyed it;  76 million of them have been registered.  Market value of Pandora Media, at the end of 2014, amounted to about $ 3.74 billion.

Music Service Rdio was created in 2008 by one of the co-founders of Skype Janus Vries and launched in 2010. Company Rdio was a successful project, had a free subscription service and offered  more than 30 million songs on the stream. According to analysts, in 2014, Rdio raised  $ 125.7 million of investments. Later, the company got into multimillion-dollar debts through loans  its expenses  started to exceed revenues, and therefore it was decided for bankruptcy.

Source: www.wsj.com

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