Last.fm founding member Martin Stiksel said an alliance with such a major media player would help the site put "every track ever recorded and every music video ever made onto Last.fm." As part of the
deal, the Last.fm management team will remain in place, and the site will retain its brand--although CBS might want to think about a new name.
What does the move do for CBS? CEO Les
Moonves said Last.fm figures largely into the company's push to syndicate content. The company's demo also hit the media giant's target audience. CBS could make its new social network into a MySpace
competitor by integrating CBS media content (like radio broadcasting) with its existing offerings.
The Last.fm acquisition is the latest in a string of disparate digital moves for CBS Digital this year, which include the launch of the CBS Interactive Network, an investment in virtual world content creator Electric Sheep Co. and the acquisition of the quirky Wall Street-oriented news show, "Wallstrip."