Social music site Last.fm has been bought by US media giant CBS Corporation for $280m (£140m), the largest-ever UK Web 2.0 acquisition.

Last.fm founding member Martin Stiksel said it was an “exciting opportunity”.

He continued:

“This move will really support us to get every track ever recorded and every music video ever made onto Last.fm.

“With a strong partner like CBS, this is now within our reach.”