The endless sale of hot net property continues. US TV network CBS has bought music-based social networking site Last.fm for $280 million (£142 million) while Fox has bought photo sharing site Photobucket and video app Flektor . The new Fox acquisitions will be integrated into Fox's Interactive portfolio which, famously, includes MySpace.
"Last.fm is one of the most well established, fastest growing online community networks out there," said Leslie Moonves, President and CEO of CBS. The audience of a site such as the British-based Last.fm is seen as highly prized - not least because users need to interact with the site at every level, picking up recommendations from other users.
Pricing on the Fox Interactive Media acquisition was not disclosed, but it is thought to be nowhere near the £300 million purchase of MySpace.
Fox will use Photobucket and Flektor to complement the user-generated services available on MySpace. Photobucket is a direct competitor to Yahoo's Flickr.
"The acquisition of these two companies is a perfect strategic fit for us that reinforces [our] leadership in user-generated content," said Peter Levinsohn, President of Fox Interactive Media .
"As a leading site for creative expression, Photobucket extends our reach among personal media sharing enthusiasts and the innovative new entrant Flektor brings highly-differentiated new tools to the table that will drive the next generation. Together, they represent a powerful combination and we are thrilled for them to join our network."
