Beats Audio, the maker of the very trendy headphones, is finally ready to disclose that it is acquiring digital music service MOG, according to a source familiar with the deal.
(Credit: Greg Sandoval/CNET )
The deal could be announced any day, the source said. Financial terms weren’t available.
CNET first reported that MOG was for sale in February and AllThingsD reported three weeks later that Beats was amid an acquisition of the service, which had long been a back of the pack subscription music service for years.
Representatives from MOG and Beats were not immediately available. We’ll update the story as soon as we hear back.
Beats is famous for the company’s founders, rapper/producer Dr. Dre and Universal Music Group impresario Jimmy Iovine. The company was acquired last year for $300 million by Taiwanese cellphone maker HTC.
My sources say that Beats doesn’t intend to make any dramatic changes — initially. In March, insiders said Beats managers were considering a plan to use MOG as the backbone for a Beats branded online store, where it would offer music, headphones and other merchandise.
Beats has become a status symbol in urban America. The brand is to headphones what Nike is to sneakers.
via CNET Latest News http://news.cnet.com/8301-1023_3-57463937-93/beats-audio-finally-set-to-announce-acquisition-of-mog/?part=rss&subj=latest-news2&tag=title