Last.fm is now being thrown under a new umbrella by CBS Corp., according to disclosures issued Tuesday.
The new group, CBS Interactive Music Group, includes the broad range of CBS Radio sites and online stations. The entity reaches a total of 40 million unique users monthly, of which Last.fm accounts for roughly 25 million. The new group will be headed by David Goodman, reporting into CBS Interactive president Neil Ashe.
CBS acquired Last.fm in 2007 for $280 million, a figure that now appears totally overvalued. But the organizational consolidation could extract more from the acquisition. That includes better ad monetization, as well as improved tie-ins between the various properties. In April of last year, CBS started integrating its streaming stations into Last.fm, the beginning of a potentially broader connection.
Story by Alexandra Osorio.