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CBS buys one-third stake in Office.com

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New York -- CBS Corp. agreed to buy a one-third stake in WinStar Communications' Office.com in exchange for $42 million worth of advertising, expanding its online interests. CBS will promote and provide advertising over its television, radio and billboard businesses for Office.com during the next six years. Office.com supplies editorial content and business tools to Yahoo! Small Business and will expand to include commerce and communications tools and other information helpful to small- and medium-size businesses. It's the latest move by CBS Chief Executive Mel Karmazin to give CBS a larger presence on the Internet. Earlier this month CBS announced plans to buy a 35% stake in a company that will own Hollywood.com and a 50% interest in storeRunner, operator of Internet mall storeRunner.com, for $200 million worth of promotion on its television and radio stations. CBS also has investments in online companies SportsLine USA and MarketWatch.com. (From Crain's New York Business.)
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