CBS has paid $280 million for Last.fm, a social networking community based around music.

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

Last.fm claims more than 15 million users across more than 200 countries.

The acquisition continues a flurry of financial deals for CBS Interactive, which purchased Wallstrip.com and invested heavily in Joost.