Cablevision unit swaps advertising for 10% stake in Salon.com

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Cablevision Systems Corp.'s Rainbow Media Holdings, the operator of the Bravo cable TV network, said it will acquire a 10% stake in online magazine Salon.com in exchange for 10 years of advertising valued at about $11.8 million. Salon.com will issue 1.11 million common shares, worth about $7.56 million, based on Friday's closing price. Salon.com also will develop a weekly TV series to air on Bravo next year and its reporters and columnists will be featured on three Rainbow channels that serve the New York area. The companies will offer packages of ads to be shown on both companies' Web sites and on TV and will promote each others' sites and exchange programming and news content.

Copyright December 1999, Crain Communications Inc.

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