Last stand for Last.fm?

Last stand for Last.fm?

30 May, 2007 | 3.56PM

• Written by: Scott Paradis
• Filed under: Music News: cbs, royalty, streaming

CBS has just announced the purchase of the popular online radio community, Last.fm for the tune of $280 million in cold, hard cash. 

One of the most popular online radio portals, Last.fm, has over 15 million unique users in 200 countries. The timing of the acquisition has caused some to speculate the purchase came in response to the proposed internet radio royalty hike, which would have effectively put Last.fm out of business.

In the press release, Leslie Moonves, President and Chief executive of CBS said “Last.fm is one of the most well-established, fastest-growing online community networks out there. Their demographics play perfectly to CBS’ goal to attract younger viewers and listeners across our businesses. Last.fm is a terrific interactive extension to all of our properties and also is a huge step in CBS Corporation’s overall strategy of expanding our reach online to transition from a content company into an audience company.”

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