CBS buys Last.fm

$280 million follow up to Wallstrip last week

31 May 2007 1:11 GMT / By Stuart Miles

CBS has paid over $280 million for popular UK-based social networking site Last.fm it's emerged.

Last.fm, which currently has more than 15 million active users in more than 200 countries follows on from the acquisition of Wallstrip.com last week.

"Last.fm is one of the most well established, fastest growing online community networks out there", said Leslie Moonves, the company's President and CEO.

As part of the acquisition, the Last.fm team, including founders Felix Miller, Martin Stiksel and Richard Jones, will continue to independently run the online network.

Founded in 2002, Last.fm unique selling point is that it creates communities around music by supposedly bringing together listeners, artists and music.

The group, which is based in London, has also recently signed deals with music majors Warner Music Group and EMI Group to play their music.

"Their demographics play perfectly to CBS's goal to attract younger viewers and listeners across our businesses. Last.fm adds a terrific interactive extension to all of our properties and also is a huge step in CBS Corporation's overall strategy of expanding our reach online to transition from a content company into an audience company", said Moonves.