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March 21, 2012

HTC’s Beats likely to buy digital music service MOG

To be distinct in the smartphone market, HTC is said to be keen on integrating music features such as Internet radio into its devices

By CBR Staff Writer

Headphone maker Beats by Dr. Dre, part owned by Taiwanese cellphone maker HTC, is said to be in talks to buy to buy subscription music service MOG, according to a person privy to the discussions.

HTC had bought a 51% stake in Beat Electronics for $300m, which was owned by musician Dr. Dre and and recording executive Jimmy Iovine in August 2011, according to Associated Press.

MOG, which was founded in 2005, has been facing stiff competition from rivals like Rhapsody and Spotify.

Universal Music Group and Sony Music are said to be among its investors.

But, spokespersons of both Beats and MOG declined to comment.

In February, MOG Chief Executive David Hyman had denied rumours that their company was for sale, and that it was in talks with potential buyers.

HTC, meanwhile, in a bid to be distinct in the smartphone market space was said to be keen on integrating music features such as Internet radio into its phones, according to Reuters.

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