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CBS to buy 35% stake in Medscape

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New York--CBS Corp. plans to acquire a 35% stake in Medscape, a health care information Web site. In return for the 35% share, CBS will provide licensing rights for Medscape to use the CBS logo. CBS will also promote the site across its media properties, including its TV network. The deal is valued at $150 million over seven years. Medscape primarily targets health care professionals and has 1.1 million registered members. Medscape has filed documents for an initial public offering with the Securities and Exchange Commission.
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