CBS Corporation Expands Online Portfolio

NEW YORK, May 30: CBS Corporation has acquired Last.fm, a
music-based online social networking platform with more than 15 million active
users in 200-plus countries, for $280 million in cash.

Founded in 2002, Last.fm creates communities by bringing
together listeners, artists and music. Its technology allows the site to build
a comprehensive profile of each user's musical taste and leverages each user's
song list to make recommendations, connect users and provide custom radio
streams and other music-related community features. In addition, the site has
an "Events" listing that can recommend over 200,000 festival and music
events globally. Its heaviest concentrations of users are in the U.S., the
U.K., Germany, Poland, Brazil and Japan.

This acquisition follows CBS’s recent purchase of
Wallstrip.com, as well as investments in Joost and Spot Runner and the
expansion of the CBS Audience Network to include a total of 25 online partners.

"Last.fm is one of the most well established, fastest
growing online community networks out there," said Leslie Moonves, CBS
Corp.’s president and CEO. "They have a great management team that understands
how to build an engaged and passionate community where users learn, discover
and share music globally. Their demographics also play perfectly to CBS's goal
to attract younger viewers and listeners across our businesses. Last.fm adds a
terrific interactive extension to all of our properties and also is a huge step
in CBS Corporation's overall strategy of expanding our reach online to
transition from a content company into an audience company."

Quincy Smith, the president of CBS Interactive, added:
"We looked at a lot of companies to provide a base for CBS's investment in
online reach, and found Last.fm to be poised at an inflection
point—balancing fast growth, a sticky community and the opportunity for
monetization that does not distract the user.”

As part of the acquisition, the Last.fm team, including
founders Felix Miller, Martin Stiksel and Richard Jones, will continue to
independently run the online network. Miller noted: “CBS understood our
strategy from the first meeting and realized how our platform could ultimately
apply to all forms of media. Last.fm and CBS share a vision of intelligent,
personalized media and smarter social networking. This partnership will help us
push these innovations even further and provide huge benefits to our community.
Together, Last.fm and CBS will offer a new way for people to consume
media."