(via BBC News)

CBS just picked up one of the darlings of the Web 2.0 world, Last.fm for $280M. The site “allows users to connect with other listeners with similar music tastes, to custom-build their own radio stations and to watch music video-clips. The online network was founded in the UK five years ago and it now has more than 15 million active users. As part of the deal, Last.fm’s managing team will remain in place and the site will maintain its own separate identity. ”

What it means: great acquisition by CBS as Last.fm is a very interesting site and application. Interesting also: CBS will maintain Last.fm’s separate identity. It seems like this is happening more and more when large media corporations acquire smaller Web 2.0 start-ups. The Flickr example comes to mind. I think media companies are realizing that innovation happens in smaller, tightly-knit teams.