Skip to main content's Price Tag: $280 Million

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Word broke this morning that has been acquired by CBS for $280 million. The online music provider has been the subject of acquisition speculation for months. The most persistent rumor had Viacom buying the company for as much as $450 million. We may never know what happened to that deal, if it ever existed outside of the heads of London music fans and market watchers.
CBS, which was at one time a corporate sibling of Viacom, is comparing the deal to News Corp's acquisition of MySpace.
"We're emulating what Fox did with MySpace. There are a lot of super-cool, whiz-bang applications they have that I can't wait to apply to other parts of the business," CBS digital boss Quincy Smith tells Reuters.
CBS buys online music site [Reuters via Dot Music]