Social music site Last.fm has been bought by US media giant CBS Corporation for $280m (Â£140m). The online network allows users to connect with other listeners with similar music tastes, to custom-build their own radio stations and to watch music video-clips. It was founded in the UK five years ago and it now has more than 15 million active users. As part of the deal, Last.fm's managing team will remain in place and the site will maintain its own separate identity. "This move will really support us to get every track ever recorded and every music video ever made onto Last.fm. With a strong partner like CBS, this is now within our reach. The success of the site is the most important thing. With a strong partner we can add the features we always dreamed about," Last.fm founding member Martin Stiksel.
CBS radio is the largest radio group in the United States, with 179 stations in the top 50 markets covering news, rock, country and urban music. The firm's president and CEO Leslie Moonves said: "Last.fm is one of the fastest growing online communities out there. Their demographics also play perfectly to CBS's goal to attract younger viewers and listeners across our businesses."
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News source: BBC News