updated 10:50 am EDT, Wed May 30, 2007
Last.fm acquired by CBS
The popular Last.fm website, based in the United Kingdom, has been bought by the American CBS Corporation for ú140 million, or $280 million. The site's current management will remain in place however, and CBS is said to be averse to changing content. Last.fm allows users not only to see what they and their friends are listening to, but participate in related forums, and listen to personalized music streams. It is these community and syndication aspects that CBS is after. "Last.fm is one of the fastest growing online communities out there," says CEO Leslie Moonves. "Their demographics also play perfectly to CBS's goal to attract younger viewers and listeners across our businesses."
Site co-founder Martin Stiksel insists that members will not be upset by the loss of independence, and that the acquisition should be beneficial. "This move will really support us to get every track ever recorded and every music video ever made onto Last.fm," he says. "With a strong partner like CBS, this is now within our reach."