NEW YORK (AP) — CBS Corp. said Wednesday it is buying Last.fm, a music-focused online social network, for $280 million in cash in a bid to attract younger viewers and listeners across its businesses.
Last.fm management, including founders Felix Miller, Martin Stiksel and Richard Jones, will continue to run the company independently, CBS said in a statement.
The acquisition follows CBS Interactive's recent purchase of Wallstrip.com, an online financial news site, and investments in the online video site Joost and other online companies.
Founded in 2002, Last.fm now has more than 15 million active users. The site builds a profile of users' musical tastes to make personalized recommendations and connect users who share similar tastes.
It also provides custom online radio streams and other music-related community features.