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 -- ThirdAge.com-- 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 Xoom.com, investing another $25 million in the Internet media company.
Marc Graser in Hollywood contributed to this report