Radio or Rdio? For Cumulus, it’s both: In a deal announced this morning the station owner will wind up with “a significant equity stake” in Pulser Media, which owns Rdio — a subscription music service that competes with companies including Spotify. In return, the companies say, Cumulus will provide “exclusive content, media and on-air promotional commitments over a five year period” and a sales operation to develop “ad-supported free products, including music on-demand, custom playlists and exclusive content curated by Cumulus.” Rdio CEO Drew Larner — a former exec at Spyglass Entertainment, Morgan Creek Productions, and Fox — calls this a “monumental deal” and “the first time a digital and a broadcast platform have come together in this way.” In June Larner said he planned to give up the CEO job but remain Rdio’s executive chairman. And Cumulus chief Lew Dickey says the partnership will help consumers to “listen to whatever they want, whenever they want, however they want.” RBC Capital Markets “initiated and facilitated” the deal, the companies say.

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