CBS Corp. acquired a 40% stake in Women's Consumer Network
, a membership-based consumer service geared toward women. In exchange, the service will receive $50 million in advertising, promotion and other consideration over five years across CBS' media properties, including TV, radio and outdoor. CBS subsidiary Infinity Broadcasting Corp. will receive a pro rata share of the investment. CBS will hold two positions on Women's Consumer Network's board.
Copyright September 1999, Crain Communications Inc.