Los Angeles, CA – September 16, 2013 – Stubbs Alderton & Markiles, LLP announced that it advised Rdio, a subscription music service from the founders of Skype, in a platform integration transaction with Cumulus Media Inc. Cumulus will obtain a significant equity stake in Pulser Media, Rdio’s parent company, in exchange for exclusive content, media and on-air promotional commitments over a five year period. In addition, Rdio will leverage the Cumulus sales infrastructure to monetize its upcoming ad-supported free products, including music on-demand, custom playlists and exclusive content curated by Cumulus.
“We are thrilled to be partnering with Cumulus and their robust network of radio stations and premium content,” says Drew Larner, CEO of Rdio. “This monumental deal is the first time a digital and a broadcast platform have come together in this way and we’re eager to bring the Rdio experience to the greater Cumulus listening audience.”
To read the full press release, click here.
The Stubbs Alderton & Markiles, LLP team advising Rdio included Greg Akselrud and Sean Greaney,
Rdio is the groundbreaking digital music service that is reinventing the way people discover, listen to, and share music. With on-demand access to over 20 million songs, Rdio connects people with music and makes it easy to search for and instantly play any song, album, artist, or playlist without ever hearing a single ad. Discover what friends, people with similar tastes, recording artists, and more are listening to in real-time and share across Twitter and Facebook. Build a digital music collection that’s available everywhere — on the web, in-home or in-car, on tablets or mobile phones, and even offline.
Launched in August 2010, Rdio is headquartered in San Francisco and was founded by Janus Friis, the co-creator of Skype and is currently available in 31 countries. For more information and to sign up, visit www.rdio.com.
About Cumulus Media Inc.
Cumulus Media Inc. (NASDAQ: CMLS) is the largest pure-play radio company in the nation, with approximately 520 owned and operated radio stations, a distribution network reaching nearly 5,500 stations and a content creation platform recently fortified by its pending acquisition of Dial Global. For more information, visit www.cumulus.com.
About Stubbs Alderton & Markiles
Stubbs Alderton & Markiles, LLP is a business law firm with robust corporate, public securities, mergers and acquisitions and intellectual property practice groups focusing on the representation of venture backed emerging growth companies, middle market public companies, large technology companies, entertainment and digital media companies, investors, venture capital funds, investment bankers and underwriters. The firm’s clients represent the full spectrum of Southern California business with a concentration in the technology, entertainment, videogame, apparel and medical device sectors. Our mission is to provide technically excellent legal services in a consistent, highly-responsive and service-oriented manner with an entrepreneurial and practical business perspective. These principles are the hallmarks of our Firm.
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