CBS Radio, who already owns Last.FM, is purchasing Launchcast, founded in 1994 by former record executive Dave Goldberg, from Yahoo!. It seems Yahoo! is selling because it can’t keep up with the ridiculous royalty rates implemented by Soundexchange earlier this year. Instead companies who stream music from many fringe artists and have reinvigorated (saved?) the music industry are forced to give up their businesses to major media behemoths who can afford those royalties. I assume that means more unsightly advertisements from people you don’t want to hear from. Painful news indeed.