Wednesday, May 30, 2007

CBS Buys Last.fm for $280 Million Cash

An AP newswire article, via SFGate.com, reports that:

CBS Corp. said Wednesday it is buying Last.fm, a music-focused online social network, for $280 million in cash in a bid to attract younger viewers and listeners across its businesses.

Last.fm management, including founders Felix Miller, Martin Stiksel and Richard Jones, will continue to run the company independently, CBS said in a statement.

The acquisition follows CBS Interactive's recent purchase of Wallstrip.com, an online financial news site, and investments in the online video site Joost and other online companies.

More here.

posted by Fergie @ 5/30/2007 08:05:00 AM

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