News Summary: Beats buys MOG music service

Last Updated: Mon, Jul 02, 2012 22:04 hrs

: Upscale headphone maker Beats Electronics is buying MOG, a music subscription service that has struggled to compete with rivals such as Rhapsody and Spotify.

ABOUT BEATS: It's the parent company of the "Beats by Dr. Dre" line of headphones. Taiwanese cellphone maker HTC said in August that it was buying a 51 percent stake in Beats for $300 million.

TERMS: The deal closed Monday. Terms weren't disclosed. The MOG Music Network, a network of blogs about music, was not part of the sale.

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