The remaining half of digital music company Mog Music Network has been sold to the Townsquare Media Group, which owns a collection of small US radio stations and music web sites.
After half of the digital music company was sold to Beats Electronics for $14 million back in July, AllThingsD reported yesterday that the rest of the company has been sold for a rumoured $10 million.
Mog will be renamed Townsquare Media and in a statement, Townsquare’s chief executive Steven Price said the deal “complements our high touch portfolio of radio, digital, mobile and live event assets and helps us to balance our media footprint from local-to-national.”
Mog Music Network sells advertising for more than 1,000 music sites, and its streaming service offers millions of songs by monthly subscription.
Menlo Ventures and Balderton Capital, as well as Sony and Universal Music Group have invested $33 million into the company - the deal means they may be able to get some of the revenue back.
Source: The New York Times