graphic
Personal Finance > Your Home
CBS tight with Wrenchead
August 16, 1999: 11:15 a.m. ET

CBS looks to accelerate online, TV offerings with auto supply site stake
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - CBS Corp. said Monday it would seek to rev up its online holdings by picking up a partial stake of Wrenchead.com, an Web-based automobile parts and supplies retailer.
     CBS (CBS) will get a 22 percent equity stake in Wrenchead and in exchange, the auto site will receive $33 million worth of advertising, promotion and other consideration over four years on CBS' various media properties.
     CBS' majority-owned Infinity Broadcasting (INF), a radio and billboard advertising firm, will get a share of the investment as well.
     CBS already has a stable of popular Web sites, including SportsLine USA, Medscape and MarketWatch.com.
     In addition to Wrenchead's online presence, the television company hopes to develop automotive-related programming for CBS' country lifestyle channel TNN, which hosts a range of motor sports programming already.
     Wrenchead sells auto and truck parts and plans soon to offer other automotive accessories as well. It also has plans to launch an automotive news service.
     Shares of CBS were down 3/16 to 44-13/16 in mid-morning trading Tuesday.Back to top

  RELATED STORIES

CBS invests in Medscape - July 8, 1999

  RELATED SITES

CBS

Wrenchead


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.