Pandora acquired “key assets” from Rdio for $75 million in cash, and Rdio has agreed to file for chapter 11 protection and shutter its streaming service, TechCrunch.com reported yesterday. “The transaction is contingent upon Rdio seeking protection in the United States Bankruptcy Court for the Northern District of California. Upon approval of the proposed transaction by the bankruptcy court, Rdio will be winding down the Rdio-branded service in all markets,” Pandora noted in its statement.
