London - Last.fm, the social music discovery service acquired by CBS (NYSE: CBS) for $280 million last May, is laying off about 20% of its 95-person staff as part of a cost-cutting initiative at CBS Interactive, PaidContent reports.

"CBS Interactive continues its integration process, which now calls for the further combination of several portions of the division into unified groups oriented around similar content," a CBS spokesperson told PaidContent.

"This important move allows us to better align our premium content for our audiences and our advertisers, and also results in reduction in certain areas that are now duplicated in the new organisation structure."

CBS Interactive is also planning to merge its CBSNews.com and CNET newsrooms, according to reports today.

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http://snipurl.com/7snrf (PaidContent)

http://www.last.fm