Mog Sells Ad Network For $10 Million

Posted Aug 26, 2012

Mog is the online music service that sold half of their company to Beats Electronics.  The other half of the company, which is the advertising network, has been sold to Townsquare Media Group.

Townsquare owns 244 radio stations across multiple cities.  The Mog Music Network is now known as Townsquare Media.

The price is believed to be slightly more than $10 million.  Mog sells advertising for over 1,000 music websites and reaches over 62 million monthly users.

Townsquare runs websites like Popcrush, Ultimate Classic Rock, and Taste of Country.  Townsquare expects to retain employees at their offices in Chicago, New York, and California.

Companies like Menlo Ventures, Balderton Capital, Sony, and Universal Music Group will be able to recoup the $33 million that they invested in the company.  Beats, owned by Jimmy Iovine and Dr. Dre, had paid $14 million for Mog’s music service.

[New York Times]