CBS continues to invest in online properties as it looks to drill deeper into a space increasingly popular with its traditional advertising and viewer base.
The company ponied up $280 million for music-based social networking/Internet radio site, Last.fm. The site claims 15 million active users in 200 countires, many of them the younger audience that older-skewing CBS is looking to court.
CBS has also been raising its music profile, re-launching the
label with an online focus, hiring a
to integrate more music in prime time, and even slating a new musical drama for the fall.
Founders Felix Miller, Martin Stiksel and Richard Jones will continue to run the site.
The move comes just a week after CBS bought financial news site