New York - 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.

The site also offers social network features, and links to purchase songs from online retailers.

"Last.fm is one of the most well established, fastest growing online community networks out there," said CBS president and CEO Les Moonves.

"Their demographics also play perfectly to CBS's goal to attract younger viewers and listeners across our businesses."

CBS said Last.fm founders Felix Miller, Martin Stiksel and Richard Jones will continue to independently run the online network.

The deal follows CBS Interactive's recent purchase of Wallstrip.com, and investments in Joost and Spot Runner.

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http://www.last.fm