NEW YORK (AP) – CBS Corp. said Wednesday it purchased global online social network Last.fm for $280 million in cash in a move to attract younger viewers and listeners across its businesses.
Last.fm currently has more than 15 million active users in more than 200 countries. The acquisition follows CBS Interactive's recent purchase of Wallstrip.com, investments in Joost and Spot Runner and the recent expansion of the CBS Audience Network to include a total of 25 online partners.
“Last.fm adds a terrific interactive extension to all of our properties and also is a huge step in CBS Corp.'s overall strategy of expanding our reach online to transition from a content company into an audience company,” said Leslie Moonves, president and chief executive of CBS
Last.fm management, including founders Felix Miller, Martin Stiksel and Richard Jones, will continue to independently run the company.
Founded in 2002, Last.fm creates communities around music by targeting listeners, artists and music. Last.fm builds a profile of each user's musical taste and uses each person's song list to make personalized recommendations, connect users who share similar tastes, provide custom radio streams and other music- related community features. In addition, the site has an “Events” listing that can recommend more than 200,000 festival and music events globally.
(peHUB) Last.fm was founded in 2002, and has raised over $5 million in VC funding from Index Ventures and angels Joi Ito, Reid Hoffman and Stegan Glaenzer. www.last.fm.com