CBS (CBS-A) has continued its buying spree of online properties as it has purchased Last.fm for $280 million in cash, reported webpronews.
Last.fm is one of the premiere online social platforms, with over 15 million users in about 200 countries.
"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, said Leslie Moonves, President and CEO of CBS. "Their demographics also play perfectly to CBS's goal to attract younger viewers and listeners across our businesses."
The current management team of founders Felix Miller, Martin Stiksel and Richard Jones, will remain in place and will work with CBS to expand their other divisions with their community-building and technology expertise, in the online and mobile spaces.
Among other things, the network has made investments in Spot Runner and Joost recently, and bought the business satire site Wallstrip.com.
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