CBS ups social networking ante with Last.fm acquisition
Network buys online music site for $280 million in cash
Computerworld - In another move to build out its social networking presence, CBS Corp. announced Wednesday that it has acquired Last.fm Ltd., a social network for music fans, for $280 million in cash.
London-based Last.fm, which claims 15 million active users in 200 countries, allows users to create communities of interest that include both listeners and musicians. The Last.fm site includes a social recommendation engine that builds a profile of each listener's tastes and provides links to other users with similar tastes. The site, which was founded in 2002, also provides custom radio streams.
The move is the latest in a string of announcements by CBS in recent months to build out its social networking offerings. Just last week the company announced that its CBS Interactive unit has partnered with a slew of Web sites and social application vendors to allow their users to incorporate CBS clips into their personal profiles, Web sites, blogs, widgets and community pages.
The Last.fm user demographics meld with CBS' goal of attracting younger viewers and listeners across its business lines, said Leslie Moonves, president and CEO of CBS. "Last.fm adds a terrific interactive extension to all of our properties and also is a huge step in CBS Corp.'s overall strategy of expanding our reach online to transition from a content company into an audience company," he said in a statement.
Quincy Smith, president of CBS Interactive, said the company looked at multiple different acquisition possibilities as a base to expand its online reach. Last.fm, he added, is "balancing fast growth, a sticky community and the opportunity for monetization that does not distract the user."
The founders of Last.fm will continue to independently run the social network, CBS said.
Read more about Networking in Computerworld's Networking Topic Center.
- 15 Non-Certified IT Skills Growing in Demand
- How 19 Tech Titans Target Healthcare
- Twitter Suffering From Growing Pains (and Facebook Comparisons)
- Agile Comes to Data Integration
- Slideshow: 7 security mistakes people make with their mobile device
- iOS vs. Android: Which is more secure?
- 11 sure signs you've been hacked
- What Datapipe customers need to know about the new PCI DSS 3.0 compliance standard This handy quick reference outlines what PCI DSS 3.0 is, who needs to be compliant and how Alert Logic solutions address the new...
- Defense Throughout the Vulnerability Life Cycle This whitepaper provides insight into how to leverage threat and log management technologies to protect your IT assets throughout their vulnerability life cycle.
- The Critical Role of Support in Your Enterprise Mobility Management Strategy Most business leaders underestimate the importance of tech support when they choose an EMM solution. Here's what to put on your checklist.
- Separating Work and Personal at the Platform Level: How BlackBerry Balance Works BlackBerry® Balance™ separates work from personal on the same mobile device, right at a platform level. Find out how it can work for...
- Live Webcast Best Practices for the Hyperconverged Enterprise Network To the Age of Constant Connectivity and Information overload
- Getting Ready for BlackBerry Enterprise Service 10.2 Find out how BlackBerry® Enterprise Service 10 helps organizations address the full spectrum of EMM challenges, while balancing the needs of both the...
- Containerization Options: How to Choose the Best DLP Solution for Your Organization This webcast outlines a framework for making the right choice when it comes to containerization approaches, along with the pros and cons of... All Networking White Papers | Webcasts