Last.fm, the popular social music network, has been acquired by CBS for $280 million in cash.

The UK-based music site has been around for about 5 years, and has over 15 million active users in more than 200 countries. Last.fm's leadership will remain in place and the website will retain it's separate identity.

"This move will really support us to get every track ever recorded and every music video ever made onto Last.fm," said Last.fm founding member Martin Stiksel. "With a strong partner like CBS, this is now within our reach." 

"Last.fm is one of the fastest growing online communities out there," said CBS president and CEO Leslie Moonves. "Their demographics also play perfectly to CBS's goal to attract younger viewers and listeners across our businesses."

This represents the largest Web 2.0 acquisition yet. But beyond that, this is a strong indication as to how fast things are moving lately. The lines of "distribution" are being blurred.

[BBC News via ValleyWag]