Pandora Media Inc., operator of the music streaming and automated music recommendation service Pandora, announced that it has entered an agreement for the acquisition of several key assets from Rdio, a direct competitor in terms of services offered.

Pandora sees the asset acquisition as a catalyst that will accelerate its planned implementations that will provide users with greater control over the tracks they want, which is believed to help bolster the company's position.

"Whether streaming through radio, on-demand or in-person at live events, Pandora is building the definitive source for fans to discover and celebrate music," stated Pandora CEO Brian McAndrews. "Wherever and however fans want to hear music, we intend to be their go-to destination."

Aside from the intellectual property and technology acquired from Rdio, talents from the competing company will also be brought over under Pandora's banner, which will take effect once the agreement closes. With new resources and personnel, Pandora is looking to release a more extensive listening experience by late 2016, which hinges on its ability to obtain the needed licenses.

"Adding Rdio's impressive technology and talented people will fast-track new dimensions and enhancements to our service. I couldn't be more optimistic about Pandora's future and the future of music," Andrews added after detailing that the addition of live music experiences using Ticketfly was transformative for the company.

"I'm pleased that many members of the Rdio team will continue to shape the future of streaming music, applying our tradition of great design and innovative engineering on an even larger stage with Pandora," said Rdio CEO Anthony Bay.

The acquisition will set Pandora back by $75 million in cash, subject to purchase price adjustments. Details regarding the purchase, along with Pandora's future plans, were disclosed during an investor conference call on Nov. 16.

It is worth mentioning that Rdio is currently seeking protection in the United States Bankruptcy Court for the Northern District of California. As such, the discussed transaction needs to be approved by the specified Bankruptcy Court, which will also keep an eye on the auction of Rdio's assets.