Monday, July 2, 2012

LA's Beats Electronics Buys MOG

Beats Electronic, the maker of the Beats By Dr. Dre headphones, is acquiring online music service MOG, the two firms said over the weekend. Financial terms of the acquisition were not announced. MOG, which was based in Berkeley, California, provided an online, streaming radio and music services which competes against such sites as Pandora and Slacker. Beats Electronics was co-founded by rapper Dr. Dre and Interscope Geffen's Jimmy Iovine. MOG was venture backed by Angels Forum, Balderton Capital, Menlo Ventures, Simon Equity Partners, Sony Music Entertainment, and Universal Music Group.