Some breaking news this morning. Paidcontent reports on the sale of the music social network Last.fm to CBS for $280 million in cash:CBS spent $280 million in cash to acquire...

Some breaking news this morning. Paidcontent reports on the sale of the music social network Last.fm to CBS for $280 million in cash:

CBS spent $280 million in cash to acquire Last.fm, which claims 15 million-plus active users in more than 200 countries. The potential isn’t limited to radio; this is more about community and technology, in some respects, than music.

In the press release, CBS President and CEO Les Moonves outlines the rationale behind the acquisition:

Their demographics also play perfectly to CBS’s goal to attract younger viewers and listeners across our businesses.  Last.fm adds 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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