CBS just purchased social music site Last.fm for £140m or $280m, making this the largest-ever UK "Web 2.0" acquisition, reports BBC News.

Last.fm enables users to connect with other listeners who share musical preferences. They can also custom-build radio stations featuring music video-clips. Per the terms of the deal the company will maintain its current management team and the site will remain a separate entity.

CBS radio is currently the largest radio group in the US, with approximately 179 stations in the top 50 music and news genre markets.

Last.fm was founded five years ago and currently serves over 15 million active users. The purchase makes Last.fm's three founders the most potentially wealthy "Web 2.0" pioneers in the world.