Wednesday, May 30, 2007

CBS Makes A Video Star -

"CBS spent $280 million in cash to acquire, which claims 15 million-plus active users in more than 200 countries. The potential isn’t limited to radio; this is more about community and technology, in some respects, than music. From the release: “The management team will work with all relevant CBS divisions to apply their community-building and technology expertise to extend CBS businesses online and within the mobile space.” Last.FM already is working on a video channel. raised its first round of funding—an undisclosed amount—last May from Index Ventures, the same firm that backed Skype and has invested in Joost. (CBS (nyse: CBS - news - people ) also invested in Joost and the two companies are both backing Spot Runner.) Angel investors included Joi Ito, Reid Hoffman, and Stefan Glaenzer. "

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