MOG Went For A Song. HTC Says Beats Paid Only $14M For The Music Streaming Service

Yesterday, Beats Electronics confirmed that it was buying the music streaming service MOG. Today, HTC, which invested $309 million in Beats last year, revealed to its shareholders just how much was paid: $14 million -- a song compared to the $4 billion valuation?swirling around its competitor Spotify. The note, first spotted by the blog Unwired View, is embedded on HTC's investor relations site. It?also confirms that the sale was only for certain assets belonging to MOG and have been made as a "strategic investment" through Beats subsidiary Daisy. As we reported yesterday, Beats has bought only the streaming portion of MOG's business; the advertising and online network will continue as its own standalone entity.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/IVzN-qxC3XQ/

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