updated 04:11 pm EDT, Fri June 29, 2012
Financial terms unavailable
The long-rumored acquisition of digital music service MOG by Beats may have been finalized and could be announced in the near future. A source familiar with the workings of the deal has told CNet that the deal has indeed gone through. Despite the news, particulars in the acquisition have yet to be revealed.
Reports glossed over any financial details, but the source did say that Beats doesn't plan on making any dramatic changes to MOG's operations.
Rumors of the deal surfaced in March when anonymous insiders near MOG began telling outlets that the company had sold for just under $12 million. As Beats is owned byTaiwanese cell phone maker HTC, the deal will likely feed into HTC's rumored cloud music service expected to debut later this year.