CBS Buys Last.fm
May 30, 2007 at 5:51 AM (PT)
CBS CORP. is buying Internet customized radio streamer and social networking site LAST.FM for $280 million. The UK-based site says that it has over 15 million users worldwide and over 4 million in the U.S.
CBS CEO LES MOONVES calls LAST.FM "one of the most well-established, fastest-growing online community networks out there. Their demographics also play perfectly to CBS's goal to attract younger viewers and listeners." The site allows listeners to select favorite artists and hear streams tailored to their tastes, and allows users to share their playlist information with others.
LAST.FM's management will remain in place, and the site will retain its separate identity, although it may incorporate other CBS radio programming.