Janko Roettgers, reporting for Variety:

Pandora is acquiring San Francisco-based music subscription service Rdio, the Oakland, Calif.-based company announced Monday after the close of markets. The announcement came minutes after Variety exclusively reported about the deal being imminent.

The $75 million acquisition includes “technology and intellectual property” from Rdio, which will file for bankruptcy–presumably to rid itself of accumulated debt–and shut down its existing service in all markets.

I’ve never been an Rdio user, but I know that it was beloved by many. It’s always sad to see company’s like this shut down.