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CBS invests in Medscape
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July 8, 1999: 9:13 a.m. ET
Investment is first part in company's plans for own health Web site
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NEW YORK (CNNfn) - CBS Corp. will pick up 35 percent of Internet health Web site Medscape as the first part of a plan to launch its own health-related site, the media company said Thursday.
Financial terms of the deal were not disclosed. Under the agreement, the privately held Medscape will get a license to use the CBS trademark, along with commercial promotion over CBS' television and radio properties, valued at $150 million over a seven year period.
Medscape and CBS (CBS) will work together to launch CBS.Medscape.com, a site which will offer health-related content along with advice tools.
The new site will join CBS' other Internet investments, including the business-related MarketWatch.com (MKTW), SportsLine USA (SPLN) and StoreRunner.
CBS shares were unchanged Wednesday at 44-7/8.
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