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Last.fm brought by CBS

31/05/07 - The social music site Last.fm has been sold for $280m (£140m) the largest ever UK based Web2.0 sale. The site has been bought by the CBS Corporation, which owns the largest radio group in the US.
It was founded five years ago in the UK and now boasts over 15 million active users.

Last.fm works similarly to a social networking site allowing users to connect with other users with similar music tastes, custom-building their own radio stations and library of music video-clips.

Under the terms of the sale the current Last.fm management team will stay at the company and the website will continue to have a separate identity from its new owners.

Last.fm founding member Martin Stiksel said: "This move will really support us to get every track ever recorded and every music video ever made onto Last.fm. With a strong partner like CBS, this is now within our reach."

The CEO of CBS, Leslie Moonves, said: "Last.fm is one of the fastest growing online communities out there.

"Their demographics also play perfectly to CBS's goal to attract younger viewers and listeners across our businesses."

This is not the first case of up-and-coming websites being brought for large sums of money.

News Corp brought MySpace in 2005 for $580m (£290m) and last year Google paid $165bn (£82bn) for YouTube.

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<a href="http://www.pulsewebhosting.com/news/last.fm-brought-by-cbs/99/" title="Last.fm brought by CBS">Last.fm brought by CBS</a> Published Date: 2007-05-31 15:53:16

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