WebProNews

CBS Corporation has purchased social music site Last.fm for $280 million in cash.
Last.fm has more than 15 million users in 200 countries and is one of the largest social platforms online.

CBS Interactive recently purchased Wallstrip.com, invested in Joost and Spot Runner and expanded the CBS Audience Network to include a total of 25 online partners.

Leslie Moonves, President and CEO of CBS said, "Last.fm is one of the most well established, fastest growing online community networks out there, they have a great management team that understands how to build an engaged and passionate community where users learn, discover and share music globally."

"Their demographics also play perfectly to CBS's goal to attract younger viewers and listeners across our businesses."

Under the purchase agreement Last.fm founders Felix Miller, Martin Stiksel and Richard Jones, will continue to independently run the online network.

"This is an exciting new opportunity for Last.fm," said Felix Miller, co- founder and CEO of Last.fm. "We have been delighted with the way the site has grown in terms of users and the services we offer. CBS understood our strategy from the first meeting and realized how our platform could ultimately apply to all forms of media."