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Last.fm

CBS Buys Online Music Social Network Last.fm

CBS Corp. ( CBS ) said Wednesday it bought Last.fm, the online music service that allows fans with similar tastes to connect, for $280 million in a bid to attract young audiences.The London-based service has more than 15 million active users in over 200 countries, CBS said, and has earned praise for a system that recommends songs by tracking users' music-playing habits and linking them to other fans with similar tastes.Within a year, CBS aims to apply Last.fm's technology to build new communities for online videos that will include its own archive of hit shows, CBS digital chief Quincy Smith said in a phone interview.He compared the deal to News Corp.'s ( NWS ) acquisition of the popular MySpace online teen hangout, which set off a series of Internet acquisitions by traditional media companies."We're emulating what Fox did with MySpace ," Smith said. "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."Like Last.fm,...

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