The British born social network site Last.fm was acquired by CBS for $280 million in cash, announced TechCrunch last week.
15 million users are active members of LastFM. They go there to listen to new music, socialize, find out what their friends are listening to and get the latest recommendations about what songs they might like based on personal music profiles.
Although I am a fan of Pandora and I have to admit that LastFm's ability to build community around music is very impressive.
Obviously CBS are impressed too. I think that the deal is a clear sign that part of the money in the music business are to be made online and big corporations are preparing for that.