CBS Buys Last.fm for $280 Million

Posted on May 31, 2007

CBS Corporation is buying the popular music social network Last.fm. The BBC says that the $280 million price tag makes CBS' Last.fm aquisition the largest UK Web 2.0 acquisition ever. The BBC also says Last.fm was founded five years ago and has 15 million users. The BBC News reports that CBS Leslie Moonves liked Last.fm's young demographics and its rapid growth rate.

The firm's president and CEO Leslie Moonves said: "Last.fm is one of the fastest growing online communities out there."
He said Last.fm's strength in building communities around music and syndicating content was "central to CBS".
He added: "Their demographics also play perfectly to CBS's goal to attract younger viewers and listeners across our businesses."

In addition to social networking featurs Last.fm keeps track of the music you like to listen to and offers a variety of tools based on your listening habits. For example, Last.fm makes it easy to find similar artists based on bands and musicians you already like. They also provide online radio, top charts and an events guide. Their widgets are also popular with bloggers and MySpace users.

Here 2.0 says it is inevitable that "radio - or aspects of radio - will become personalized." This $280 investment shows that CBS clearly agrees in the personalized music and radio trend.

Last.fm's Richard Jones blogged that the Last.fm team will stay in London and that "your scrobbles" are safe.