CBS Acquires Social Music Network Last.fm for $280 Million

CBS Corporation announced on Wednesday that it has acquired U.K.-based social music network Last.fm, for $280 million in cash.

Last.fm, which was founded in 2002 and now counts more than 15 million users in over 200 countries, monitors what songs a user is listening to in iTunes or other applications, and then automatically creates a personalized streaming radio station based on recommendations from fellow users with similar tastes.