Slacker Radio has been acquired by live event streaming platform LiveXLive Media as part of a deal valued at $50 million.

Billboard points to a recent SEC filing showing LiveXLive handed over $44 million in cash and $6 million in common stock for Slacker Radio.

Although just now being publicly reported on, the two sides entered into a purchase agreement on August 25.

Slacker, which helped Samsung launch its poorly named (and short-lived) Milk Music service in 2014, isn't often mentioned alongside big names like Spotify and Pandora when discussing streaming music but it's no spring chicken.

The service was founded in 2004 and launched in early 2007. It currently enjoys 1.5 million monthly unique users and has 400,000 subscribers across its paid and ad-supported tiers. At one point, Slacker even produced a line of portable music players but those were eventually discontinued as smartphones became more prevalent.

LiveXLive, a service devoted to live music and music-related video content, said the acquisition will help accelerate its efforts to deliver world-class entertainment, information and music content. The two companies will combine their programming teams moving forward, we're told.

LiveXLive has also appointed Andy Schuon as president, effective immediately. Schuon is described as a veteran media and entertainment executive who has created and managed a vast collection of television networks and streaming services as well as radio and digital media brands.