CBS, NBC make buys

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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.

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