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CBS Buying Stake in Health Web Site

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July 09, 1999| From Bloomberg News

NEW YORK — CBS Corp., owner of the No. 1-rated U.S. television network, says it plans several more transactions giving it ownership stakes in Internet companies in exchange for advertising across CBS media.

The company said Thursday that it's buying a 35% stake in the health-care Internet site Medscape Inc. in exchange for $150 million worth of promotion. The next such purchase is expected to be announced in two to three weeks, CBS Chief Financial Officer Fredric Reynolds said in an interview.

He said the next Internet transaction for CBS is likely to be some type of site that enables consumers to shop online.

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