CBS Will Try To Convert Last.FM Acquisition To Video Value

Update: Today’s announcement is about music — an on-demand music service, to be exact. Details here. As for that video service, we’ll keep you posted.

One of the questions that comes up repeatedly in chats about CBS: what is the company doing to move last year’s $280 million acquisition beyond buzz into value? Looks like answers may be on the way. CBS (NYSE: CBS) has called a press conference tomorrow with CEO Leslie Moonves and co-founders Felix Miller and Martin Stiksel; no details but to announce “a new unprecedented service” — a video service, we’re hearing, likely mixed with social networking given’s bent. So far, the UK start-up’s experience with video has been focused on music videos syndicated from YouTube to match music on

Moonves and Quincy Smith, president of CBS Interactive, have talked about using’s technology across the company. When Moonves spoke at Mipcom in October, he said: “One of the reasons we liked the idea of buying it is, if we can develop a great social networking site around this music content, why couldn