Two acquisitive broadcast TV giants have been busy shelling out millions. CBS Corp., New York, said it will acquire 35% of Medscape, an online health information source. Under the transaction, Medscape will get a license to use the CBS trademark and logo as well as promotion and branding, valued at $150 million over seven years, across CBS media properties in broadcast and cable TV, as well as those of its radio and outdoor subsidiary, Infinity Broadcasting Corp. Infinity will receive a pro rata share of the investment. The companies are working together to develop a consumer Web site
, which will become the exclusive consumer healthcare site integrated into CBS News. Separately, NBC and sibling company GE Equity upped their stake in ValueVision International, Minneapolis, to 39.9% from 19.9%. They purchased about $175 million in stock to boost their stake in the TV home shopping and direct mail company.
Copyright July 1999, Crain Communications Inc.