Rdio Company

The streaming music service Rdio has tapped Anthony Bay -- a former digital media executive at Amazon.com Inc., Microsoft Corp. and Apple Inc. -- as its new chief executive. This ends a search that began in June when the company's former CEO, Drew Larner, said he would step down after a replacement was found. Larner will become vice chairman and strategic advisor to Rdio's board of directors.  Rdio, the San Francisco company founded by Skype co-creator Janus Friis and launched in 2010, has been trying to compete in a crowded industry that includes larger competitors such as Spotify and Pandora.

Cumulus Media Inc. is investing in digital media through a new deal with online music-streaming service Rdio that gives the radio giant what it calls a " significant equity stake" in Rdio's parent company, Pulser Media . Rdio will also launch a free version of its service for the first time. Financial details were not disclosed.  The partnership will give the San Fransisco-based Rdio (pronounced "ar-dee-oh") a big promotional boost as it tries to compete with larger competitor Spotify.