LONDON, May 30 (UPI) -- CBS paid $280 million for the London-based music and social online network, Last.fm, the companies announced.
The acquisition gives CBS access to a growing online social network for a fraction of the $1.65 billion Google paid for the video network YouTube, the Guardian reported Wednesday.
Last.fm, established in 2002, tracks music choices of its more than 15 million users, allowing them to customize radio station selections while connecting them other listeners to share recommendations.
"It's great news for making sure Last.fm sees through its mission and becomes the last music destination on the net," said Martin Stiksel, a Last.fm founder.
The management team, including Last.fm's other founders Felix Miller and Richard Jones, said it hopes the link with New York-based CBS will translate to negotiating better deals with record labels and cheaper rates for music streaming.
The all-cash acquisition is part of CBS' effort to expand its online presence. Other moves include the acquisition of video business news blog Wallstrip.com and investments in Joost, the Web TV service.