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Mog rumored to have sold itself to HTC Beats

The struggling subscription music service, already reportedly shopping itself around, has been sold to the handset maker's audio arm, a source tells Business Insider.

Subscription music service Mog may have finally found a new owner.

The struggling service has been acquired by HTC's Beats, the smartphone maker's audio technology company, a source told Business Insider. BI's Matt Rosoff cautioned that it was just one source and should be classified at this time as only a rumor.

A Mog representative did not respond to a CNET request for comment and declined to discuss the rumor with BI, saying, "We're always looking for the best opportunity for our business and shareholders, but don't comment on specifics of those conversations. Nothing to confirm at this time."

Numerous sources in the digital-music sector told CNET late last month that Mog's representatives have contacted a range of companies about potential interest in acquiring the service.

HTC acquired a 51 percent interest in Beats Electronics in 2011 for a $300 million investment in the music hardware maker, which was founded by rap artist Dr. Dre. As part of the deal, the smartphone maker has integrated Beats Audio technology into some of its handsets.

Mog, which boasts streaming of more than 10 million tracks and more than 500,000 customers, has struggled to keep up with rivals such as Spotify, a phenomenon in Europe, and Rhapsody, the largest music subscription service in the U.S. after its acquisition of Napster last year.