CBS Acquires Music Social Networking Site Last.fm for $280 million

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CBS Acquires Music Social Networking Site Last.fm for $280 million

05-31-2007, 10:50 AM,

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mandy Offline

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CBS Acquires Music Social Networking Site Last.fm for $280 million

Quote:CBS has acquired Last.fm, a social networking Web site, for $280 million. The London-based operation focuses on music and has more than 15 million active users. CBS has reportedly been working on this deal for some time, the end goal being to allow Last.fm users to post CBS video clips to the site...

"It would be very difficult for CBS to build a Last.fm competitor," he said. Web 2.0 content providers, such as MySpace and YouTube, are having greater success in building destinations than traditional media companies, he observed.

Also, the wave of similar acquisitions preceding the CBS-Last.fm deal shows that these growth sites are not penalized by their user bases when folded into the traditional corporate realm...

full article: http://ecommercetimes.com/story/QNB6pStF...stfm.xhtml

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