An anonymous reader writes: Pandora is acquiring music subscription service Rdio for $75 million in cash. "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 said in a statement. TechCrunch reports: "That was fast: just as soon as it was reported that Pandora was in talks to buy Rdio, the two sides have confirmed that an acquisition is indeed taking place. Pandora has acquired "key assets" from Rdio for $75 million, the company has just announced. But as part of it, the Rdio service as we know it is tanking: the streaming service is shutting down and Rdio is filing for bankruptcy."