CBS Buys Last.FM For $280 Million

CBS has just bought music and social networking site Last.FM for $280 million.  Founded in 2002 Last.FM claims 15 million users worldwide most of them in the sought after younger demos.

The price tag may seem high, but you can expect more of these large deals in the future. This purchase is part of CBS and other major media companies’ efforts to broaden their base. With the Last.FM purchase, CBS is both spreading its wings via the internet and delving further back into music.

(More from the WSJ Via RAIN)