Web radio service Last.fm has been snapped up by CBS in a $280m (£142m) deal, which is the largest ever UK Web 2.0 acquisition.
The UK-based site has rapidly grown in popularity over the last few months, mainly by word of mouth, and now has around 15m unique users monthly.
Martin Stiksel of Last.fm told the BBC that the current management team will remain in control, and the company will operate independently of CBS.
He explained CBS’s reasons for the move:
“They want to move from a content company to an audience company giving the audiences control and learning from this and that’s why Last.fm was their choice.”
“The success of the site is the most important thing. With a strong partner we can add the features we always dreamed about.”
We are huge fans of Last.fm and hopefully the move should allow the company to deal with possible issues with scalability, as recently the service has been a little up and down.
Well done to Martin and the team.