This is a red-letter day for Pandora. Just as it absorbs the key assets of Rdio and shutters the service, the online-radio power has finalized landmark deals with ASCAP and BMI. Do these moves pave the way for Pandora's eventual transition into a full-blown Spotify competitor?

Although no specifics were given, Pandora announced two separate multi-year licensing agreements representing the catalogs of more than 20m musical works, that will "add new flexibility to the company's product offering over time," the company said in a statement.

Pandora has long been in court over royalty disputes with both performing-rights organizations, with mixed results for the company. That chapter has now come to a swift and successful close.

“These collaborative efforts with the leading performance-rights organizations, as well as our recent direct deals with several music publishers, demonstrate our progress in working together to grow the music ecosystem," said Pandora CEO Brian McAndrews in announcing the simultaneous deals.

“This agreement is good news for music fans and music creators, who are the heart and soul of ASCAP, and a sign of progress in our ongoing push for improved streaming payments for songwriters, composers and music publishers that reflect the immense value of our members’ creative contributions,” said ASCAP CEO Elizabeth Matthews.

"We’re extremely pleased to reach this deal with Pandora that benefits the songwriters, composers and publishers we are privileged to represent,” said BMI President/CEO Mike O’Neill.