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Beats Electronics, a company known for its Beats by Dr. Dre headphones, has confirmed its acquisition of music streaming service MOG to the tune of $10 million.

The acquisition is a win-win situation for both parties, as MOG needs to keep up in the Spotify-dominated industry, while Beats wants to add a notch to its consumer electronics experience.

“The addition of MOG’s music service to the Beats portfolio will provide a truly end-to-end music experience,” said David Hyman, founder and CEO of MOG.

Beats, meanwhile, also has kind words to its latest acquisition. “With MOG, we are adding the best music service to the Beats portfolio for the first truly end-to-end music experience. With their talent and technology, the possibilities around future innovation are endless,” said Luke Wood, president and COO of Beats.

MOG will remain to function independently after the acquisition, which does not include the ad-supported online music service MOG Music Network.

Source: USA Today, via TechCrunch

 
 

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