Last.fm has announced that CBS has purchased the London-based music site. Reportedly, CBS payed $280 million to bring Last.fm’s user base into their fold. With Last.fm, CBS gains a foothold in the trendy social networking scene thats exploding across the net. Last.fm not only lets user’s listen to music, but it also provides music suggestions based on what other users with similar tastes are listening to. In addition to music suggestions, Last.fm makes it easy to find info about artists and find local gigs by musicians a user may enjoy. What’s interesting about this story is that CBS chose to go through with the purchase at the same time the FCC is expected to approve higher copyright fees for websites that stream music. Many sites fear they’ll have to stop offering free music streaming if these changes go through since few sites could cover the increased rates with current advertising revenue. To make back their investment and cover the new fees CBS will have to make some changes to Last.fm unless they expect to run the site under a deficit. At the very least, Last.fm users can expect more advertising and possibly the addition of a premium subscription service. But CBS would have to be very careful to keep from driving away too many users under a pay to play scheme.