MOG Purchased By Beats Electronics For 'Less Than $10 Million'
July 3, 2012 at 6:10 AM (PT)
BEATS ELECTRONICS, founded by DR. DRE and JIMMY IOVINE, has acquired the digital music service MOG. THE LOS ANGELES TIMES reports, terms of the deal were not disclosed, but executives familiar with the transaction said BEATS, whose products include BEATS BY DR. DRE headphones, paid less than $10 million for MOG, a streaming service with about 500,000 registered users."
BEATS Pres./COO LUKE WOOD told THE TIMES, "his company would continue to operate MOG as a stand-alone music service but will explore how it can integrate the BERKELEY company into its business of making premium headphones and speakers, whose prices range from $130 to $400 each."
"For now, MOG will remain the same product TODAY as it was YESTERDAY and offer the same rich experience," WOOD said in an interview with THE TIMES. "What we do know is that we're committed to offering an integrated experience for the consumer -- from the point of discovery to the point of playback."