Beats by Dre is nearing a final stage of negotiations to buy the music streaming site MOG, The New York Times reports today.
The high-end headphones line, which is owned by Dr. Dre and Interscope Records executive Jimmy Iovine, is nearing the final stages of purchase for the music subscription site. MOG claims approximately 500,000 users, although the company has not disclosed how many are paying members; however, the company has not laid off any employees since it switched to a subscription format in 2009, four years after it was founded as a group of music blogs. MOG has repeatedly denied that it is for sale; earlier this month, CEO David Hyman told CNET that the company was not “actively” seeking a buyer.
Representatives for Beats by Dre and MOG denied comment. The trendy headphones brand reported nearly $500 million in sales last year – and enjoyed some million-dollar product placement at the Super Bowl recently, too.