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Beats paid $14 million in MOG acquisition

updated 07:10 pm EDT, Tue July 3, 2012

Beats will take streaming service, leave blog

Beats recently-announced acquisition of music streaming service MOG cost the music peripheral company $14 million. The deal was announced yesterday, and it was apparently negotiated in part by phone maker HTC, which owns a portion of Beats. The deal will see parts of MOG coming under direct control of Beats, while other aspects of the company will remain relatively autonomous.

MOG's music service will continue as an independent company, and the MOG Music Network will remain its own entity. David Hyman, MOG founder and current CEO, will remain in his post, but he will now report directly to Beats President and COO Luke Wood.

The deal will likely see MOG's music service heavily integrated into HTC's device offerings, as is already the case with Beats technology. HTC has said before that the company is focused on providing complete experiences, and the music streaming acquisition will allow it to better compete with Apple and Samsung, both of which have their own music offerings.

by MacNN Staff




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