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CBS' new 'Net gain: ThirdAge.

NEW YORK Mel Karmazin is playing the 'Net again, commanding a 30% stake in ThirdAge Media for his CBS Corp. in exchange for $54 million in advertising, promotion and other non-cash considerations.

ThirdAge is a privately held source for information, community and services for the growing population of baby boomers and the businesses that target them.

The San Francisco-based company reaches adults 45 and older through Web sites, a syndicated news service, research programs and commerce services.

The branding support CBS will confer on ThirdAge Media has been earmarked for its Web site -- and will be spread over seven years and across the full range of CBS' media properties and its radio-and-outdoor subsidiary Infinity Broadcasting Corp.

The 30% stake the Eye gains in exchange for its support will be supplemented by warrants for an additional 5% of ThirdAge.

In other 'Net news, NBC has increased its stake in, investing another $25 million in the Internet media company.

Marc Graser in Hollywood contributed to this report

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Date:Jun 21, 1999
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