CBS buys Last.fm for $280 million
Last.fm had set itself the (possibly unrealistic) goal of adding every music track every recorded to its library. Having a major media corporation for a parent makes that lofty goal seem a bit more feasible. But perhaps just a bit.
CBS has strong roots in terrestrial radio, with 179 stations in 50 markets across the U.S. While the fate of online radio remains to be seen, there's no doubt online music services are gaining in popularity, so it makes sense that CBS would want to pick up one of the market leaders. Last.fm boasts that it has 15 million listeners each month.
[Thanks Gil Creque!]