CBS Buys Internet Radio Site
CBS Buys Last.fm for $280 Million
By KEVIN KINGSBURY, May 31, 2007; Page B5, Wall Street Journal
CBS Corp. acquired social-networking Web site Last.fm Ltd. for $280 million, delving further into the music business where it was once one of the major players.
Last.fm, founded in 2002, claims it has more than 15 million active users in more than 200 countries and is focused on music.
The Wall Street Journal, citing people familiar with the matter, reported two weeks ago that CBS was working on agreements with Last.fm and fellow social-networking site Facebook Inc. to allow users to post CBS video clips to their profiles. (See related article
"Last.fm is one of the most well-established, fastest-growing online community networks out there," said CBS President and Chief Executive Leslie Moonves in a statement. He added the site's "demographics also play perfectly to CBS's goal to attract younger viewers and listeners across our businesses."
Last.fm's team -- including founders Felix Miller, Martin Stiksel and Richard Jones -- will continue to independently run the site.
"Part of our interactive strategy has been to build communities around all of our properties," said Mr. Moonves. "CBS Radio has given us a powerful way to create such communities for decades, and it continues to do so. With Last.fm we're adding a next-generation platform to allow audiences to communicate with us and each other as never before."
CBS said in December it would launch a new CBS Records label, reviving a name associated for several decades with such artists as Michael Jackson, The Eagles, Barbara Streisand and Earth, Wind & Fire...read more: here
5/31/2007 07:37:00 AM
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