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

Other articles

  • EU began antitrust investigation against Google
    News

    EU began antitrust investigation against Google

    The European Union has launched an antitrust investigation against Google to determine whether the company has violated EU rules by giving priority to advertising its services to the detriment of competitors. The Financial Times reports. According to the European Commission, the investigation will find out whether Google undermines competition rules by restricting third party access […]

  • The NBU estimated payments on public debt for the year
    News

    The NBU estimated payments on public debt for the year

    Over the next 12 months, Ukraine must pay $ 10 billion from its foreign currency debt. This is stated in the June report of the National Bank on financial stability. “Over the next 12 months, only foreign currency payments of the government and the NBU on public and guaranteed debt will exceed $ 10 billion. […]

  • The US Federal Reserve has kept the base rate at the same level
    News

    The US Federal Reserve has kept the base rate at the same level

    The US Federal Reserve maintained the base interest rate at 0-0.25%, as expected by the market. This is stated in the message of the financial regulator following a meeting of its leadership. “The Committee has decided to keep the target rate range for federal funds at 0-0.25% and considers it appropriate to maintain this range […]

  • Bank of America has predicted $ 100 oil price
    News

    Bank of America has predicted $ 100 oil price

    The price of Brent oil may rise to $ 100 per barrel by 2022, according to a report of Bank of America. Analysts of the organization have found six reasons for this development. Three reasons are related to demand and three – to supply. The first point is the delayed demand for fuel after lockdowns, […]

  • Germany has threatened to block the Telegram
    News

    Germany has threatened to block the Telegram

    In Germany, Telegram faces a fine of 55 million euros because the company does not have a contact person who would be obliged to communicate with the state to distribute content that violates the law. Der Spiegel reported this. If the company refuses to cooperate with the German authorities, the application may be blocked in […]

  • The National Bank named four factors for the growth of the hryvnia
    News

    The National Bank named four factors for the growth of the hryvnia

    Significant strengthening of the hryvnia against the dollar is due to four main factors. Vasyl Furman, Deputy Chairman of the Council of the National Bank of Ukraine, said this on the air of Ukraine 24 TV channel. “This is primarily an increase in prices in commodity markets, on the one hand, although, on the other […]

  • Ukraine is among the ten countries with the highest earnings on Bitcoin
    News

    Ukraine is among the ten countries with the highest earnings on Bitcoin

    Ukraine is in the top 10 countries with the highest earnings on Bitcoin in 2020 – Ukrainian investors received about $ 400 million in profits on cryptocurrency. The Ministry of Finance with reference to the data of the analytical company Chainalysis reported this. The authors of the rating draw attention to the obvious dominance of […]

  • The US and the EU will end the trade dispute between Boeing and Airbus
    News

    The US and the EU will end the trade dispute between Boeing and Airbus

    Authorities in the United States and the European Union have agreed to end a long-running trade dispute over the aerospace concerns Boeing and Airbus, which has resulted in mutual tariffs of more than $ 10 billion, said Catherine Ty, the US representative at the trade talks. “The US-EU agreement marks significant progress in reaching a […]

Read also

Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

Low-cost carrier Eurowings will operate flights to Ukraine

The German budget airline, which is one of the subsidiaries of the Lufthansa Group, will launch flights from Dusseldorf to Kiev on September 1. Data on the airline’s website indicate this. It is noted that the airline will operate flights on Mondays, Wednesdays and Fridays. Departure from Germany is scheduled at 11:30 (local time), arrival […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

The Romanian pharmaceutical company Antibiotice opens a representative office in Ukraine

Recently, it was reported that the largest Romanian company Antibiotice is going to expand the scope of activities, and to develop a  pharmaceutical market in Ukraine. According to the informed sources,  the first office of the Romanian pharmaceutical company Antibiotice will be opened in the Vinnitsa region. This was agreed between  the Antibiotice CEO and […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

Boyden starts working in Ukraine

In Ukraine Boyden Global,one of the leaders in the market of personnel recruitment and provision of consulting services will begin work in the nearest future.Executive Search multi-national company. According to Aleksei Dolgikh,the head of the Ukrainian Boyden office: “the working group of specialists is already created and ready to work”. The former director of Pedersen&Partners […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

Facebook lifted the ban on political advertising in the United States

On March 4, the social network Facebook lifted the ban on showing political advertising, which was imposed after the November US presidential election. We introduced this temporary ban after the November 2020 elections to avoid confusion or abuse after the Election Day. Unlike other platforms, we require authorization and transparency not only for political and […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

LVMH`s revenue for the nine months fell by 21%

Revenue of French LVMH Moet Hennessy – Louis Vuitton for the first three quarters of this year fell by 21% year on year and amounted to 30.348 billion euros, according to the company’s report. The strongest decline in revenue in this period was recorded in the section “selective retail trade” and “watches and jewelry” – […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

The Cabinet of Ministers has changed the terms of the available loans

The Cabinet of Ministers has made changes to the Affordable Loans program of 5-7-9%. This was reported by the press service of the Ministry of Finance. In particular, the maximum level of annual income of enterprises was raised to the equivalent of 10 million euros, and the current requirement for the mandatory business profitability has […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

Agroholding “MRIYA” continues to “take” property of entrepreneurs

A serious scandal, which erupted in the Ternopil region, and subsequently has covered the whole territory of Ukraine, continues to grow. In the night of 2 to 3 July 2016, on the motor company which is owned LLC GLOBAL FID, attacked by a group of armed young people, in an amount of about 50 people, […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

Oschadbank restricts the Avangard-Agro

According to financial club, Oschasbank agreed with the credit debt of  JSC Avangard-Agro (AG) restructuration. The owner of AG is Oleh Bahmatiuk. It was published in the holding quarterly status report in London exchange. According to documents, the amount of debt will be  converted in Ukrainian gryvnia by the rate of 25,65 UAH per 1 […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

Apple may launch its subscription service package «Apple One» in October with the iPhone 12

Many analysts have been predicting for about a year that Apple will merge and sell its services in packages, and today the news agency Bloomberg, citing anonymous sources, said it would happen in October, at the same time as the release of the new iPhone 12. Apple shares have responded to rumors of growth, although […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

Shell to invest in the Brazilian project in the nearest future

The Royal Dutch Shell declared their intention to invest about $10 billion in the development of the Brazilian business. The project has been calculated for 5 years. The annual volume of investment will reach 2 billion dollars. The representative office of Shell in the territory of South America includes network of the “5500 gas stations”companies. […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

AstraZeneca global pharmaceutical company merges with Acepta Pharma

On Thursday, the British drugmaker AstraZeneca said it agreed to buy a controlling stake in the biotech company Acerta Pharma for $ 4 billion. Analysts point out that the operations that were carried out in the health sector helped to make 2015 a record year for mergers and acquisitions. In the legal field, the merger […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

The largest producer of tomato paste will build a plant for $ 50 million

The  Agrofusion agribusiness holding intends to invest $ 50 million in building a plant for processing tomatoes in the Mykolaiv region. This is stated in a message on the site of the Mykolayiv Regional State Administration. “The Agrofusion Company begins construction of a new plant for processing tomatoes in Snigirevskyi district, which will be the largest […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

Merry Christmas!

Editorial office of the analytical business periodical LDaily congratulates readers and colleagues. Let this family winter holiday will bring warmth to your home, give the happiness and well-being to your family and loved ones. From the whole team of our magazine we wish you to leave behind all the troubles and sorrows. Start the year […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

Became known the consequences of restructuring in Google

This week the report of the Alphabet associated company of Google for the fourth quarter 2015 is eagerly awaited  in Wall Street. The company for the first time reports on the results separately from the rest of their enterprises. In October, Google conducted a massive restructuring process and has become a part of Alphabet holding […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

The Ukrainian startup Moggie raised investments in Sweden in the amount of $ 70 thousand

Until quite recently, the Petcube took the lead position in the Ukrainian niche of gadgets for pets. But a startup team of the Moggie project proved their importance. The company is developing a smart collar for cats and mobile application, which in pairs or individually will allow owners to monitor the health of their pets, […]

Next
Pandora Media bought a bankrupt competitor Rdio for $ 75 million
News

Here is our joint issue with the German-Ukrainian Chamber of Commerce and Industry!

This issue is devoted to the achievements and successes of cooperation of both countries. Diplomats and businesspersons of German companies in Ukraine tell readers about their way to the country’s market, share their achievements, as well as experience in introducing innovations in companies and plans for the future. Ernst Reichel, the Ambassador Extraordinary and Plenipotentiary […]

Next
WP2Social Auto Publish Powered By : XYZScripts.com