CBS acquiring Last.fm

Media company CBS has announced that they are acquiring the online music service Last.fm. This music service allows web users with similar tastes to connect.

The deal is worth around $280 million and the company aims to win the support of potential young customers with this acquisition.

CBS added in its statement that Last.fm currently is serving more than 15 million active users in over 200 countries and its music tracking system is praised by experts.

They are now aiming to use their expertise to build new communities for online videos. These would include their own archive of hit shows and videos not owned by the company.

CBS digital chief Quincy Smith added in his statement: “We’re emulating what Fox did with MySpace. There are a lot of super-cool, whiz-bang applications they have that I can’t wait to apply to other parts of the business.”

Checkout: Last.fm