CBS Corp., New York, exchanged $200 million in promotion and advertising for stakes in two Web sites. CBS will own 35% of hollywood.com, a joint venture with Big Entertainment, and 50% of storeRunner.com, a joint venture with storeRunner. CBS also announced that it will pay $485 million in stock to acquire KTVT-TV, the Dallas CBS affiliate, from Gaylord Entertainment. Hollywood.com is a site all about movies, and includes the the bigE.com online movie store. StoreRunner.com is an online shopping mall.
Copyright April 1999, Crain Communications Inc.