WebProNews

One of the most popular music-oriented social networking sites has been snapped up by CBS, in the latest of its online media acquisitions. CBS president Leslie Moonves will dig into the corporate wallet for $280 million in cash to pick up Last.fm, which has 15 million active users in over 200 countries.

The announcement comes just after CBS bought the Wallstrip video blog, and made investments in the Joost video distribution site along with ad placement firm SpotRunner.

"Last.fm is one of the most well established, fastest growing online community networks out there," Moonves said in a statement. "Their demographics also play perfectly to CBS’s goal to attract younger viewers and listeners across our businesses."

CBS also plans to let the existing management team continue to operate Last.fm independently. The five-year old site recommends music to its users, based on their tastes. Though personalization has been a polarizing concern in general search, it hasn't affected Last.fm's popularity.