CBS Radio and Last.fm announced a partnership to begin sharing Internet radio content, MediaPost is reporting. The deal "will allow the Internet company to stream audio from CBS radio station broadcasts live, while giving listeners from the CBS Radio Internet Network access to Last.fm's library of free online music."

Here's the rundown of what each party gets, quoted from the report:

- Last.fm scores a substantial increase in the number of broadcast partners and breadth of content it can offer—adding CBS Radio's 140 stations to its existing partnerships with Universal, EMI, Warner Music Group and Sony BMG, as well as about 150,000 independent artists and studios. The station list includes top CBS properties like New York's WCBS-FM, Los Angeles' KROQ, Chicago's WXRT and Atlanta's WVEE. Last.fm users will be able to access the content through CBS' new online audio player.

- Meanwhile, CBS will be able to increase its online advertising reach through Last.fm's promotional and distribution platforms—as well as entice more listeners to its own proprietary Web sites with the promise of access to millions of free songs offered on demand by the Last.fm library.

It's a trivial step to make some of this available on mobile, as some Internet radio portal sites have already done—so we'll see if CBS and Last.fm go down the same path.