Last.fm Acquired by TV Titan CBS

Although it seems as if everyone was wrong about the Microsoft purchase of Yahoo, there have been a few other notable acquisitions online in the last few weeks. First, there was Google's incorporation of advertising firm DoubleClick, a move that should consolidate the big G's hegemonic presence on the web. Now, there's word that major television broadcaster CBS has soaked up Last.fm, a hugely popular Internet radio project.

So, what is Last.fm?

We all know CBS for its Dan Rathers, corny holiday made-for-TV movies, and CSI crime-o-ramas, but many web users may still be unfamiliar with Last.fm. However, the online radio service -- which links users with all types of legally streaming music -- is growing consistently. It now boasts 15 million subscribers.

So, how much is the deal worth?

Although it's not the $1+ billion Google threw down at YouTube, CBS has reportedly paid $280 million for Last.fm. The money will likely go to acquiring more friendly artists and building out a recently announced video sister site, which should act something like Yahoo's Launch database. (Source: latimes.com)

Media responses to the acquisition are anything but overjoyed. With CBS' immense size, few believe it will ensure the grassroots growth many of these online projects thrive upon. (Source: franticindustries.com)

These worries might be visible enough by the comments from each side. Although CBS appears ecstatic, calling the purchase a "chance to get new eyeballs -- or in this case ear lobes" interested in online radio, Last.fm representatives have refused to make a statement at all.

Maybe they're just too busy buying yachts.