The community is all about music, where individual members transmit the names of songs and artists being played on their computers. Through this method, called “scrobbling,” can introduce its users to new music and connect users based on musical preferences.

In addition to all that scrobbling action, operates a radio service and, depending on individual licensing agreements, streams samples or complete songs by various artists.

CBS says it won’t change anything about, and the company’s team, including founders Felix Miller, Martin Stiksel and Richard Jones, will continue to run the show from their London-based HQ.

However, the folks will have new tasks to perform for their CBS lords and masters. In announcing the acquisition, CBS said 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.”

While the acquisition is another example of a major company scooping up an Internet social phenom (think Rupert Murdoch’s News Corp.’s 2005 acquisition of MySpace), one of’s founders – Richard Jones – writing on his blog assured users that things will remain pretty much the same. However, with $280 million in its pockets, does have some big plans for the future.

“We will continue to execute our world domination plans,” wrote Jones. “Our focus is still music and the surrounding ecosystem. The founders (myself included) are still at the helm.”

Meanwhile, the press release issued by CBS Corp. showed off its own corporate-speak chops the major media company is known for.

“ is one of the most well established, fastest growing online community networks out there,” said CBS Corp. President and CEO Leslie Moonves. “They have a great management team that understands how to build an engaged and passionate community where users learn, discover and share music globally.

“Their demographics also play perfectly to CBS’s goal to attract younger viewers and listeners across our businesses. adds a terrific interactive extension to all of our properties and also is a huge step in CBS Corporation’s overall strategy of expanding our reach online to transition from a content company into an audience company.”