Townsquare Snaps Up Mog Music Network
August 24, 2012 at 4:41 AM (PT)
TOWNSQUARE MEDIA has purchased the MOG MUSIC NETWORK and will rename it TOWNSQUARE MEDIA. The price was a reported $10 million. Last month (NET NEWS 7/3), MOG sold half of the company to BEATS ELECTRONICS, the company behind the popular BEATS by DR. DRE headphones.
THE NEW YORK TIMES reports, "MOG MUSIC NETWORK sells advertising for more than 1,000 music sites, and according to the company its sites reach 62 million monthly users. While it is less well known than MOG's streaming service, which offers millions of songs by monthly subscription and competes with SPOTIFY and RHAPSODY, the ad network generated half the revenue of the combined company."
TOWNSQUARE CEO STEVEN PRICE said the deal "complements our high touch portfolio of radio, digital, mobile and live event assets and helps us to balance our media footprint from local-to-national."
"We now have the privilege of working with many of the most insightful and influential music-related publishers in the world," commented EVP/Chief Digital Officer BILL WILSON. "I am looking forward to working closely with this group of publishers, learning from them, and helping them to be even more successful, both critically and commercially, by leveraging the amazing assets of the MOG MUSIC NETWORK and our premium owned and operated brands."