| CBS Corp. Wednesday took another step to broaden its Internet holdings by acquiring a 38 percent stake in jobs.com Inc.
The broadcasting giant acquired a 38 percent stake in the online job site in exchange for $62 million in advertising, promotion other unspecified "consideration." The promotion will extend across its media properties over the next five years.
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In addition to online jobs listings, Jobs.com is the creator of Resumail, software that allows resumes to be received and distributed over the Internet.
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CBS President and Chief Executive Officer Mel Karmazin believes Jobs.com stands a good chance to capture a portion of the $17 billion in annual classified advertising revenue newspapers receive.
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"As the revenue is increasingly ceded to the Internet, we believe that Jobs.com is well positioned to benefit from the transition. The site, which has established the model for recruitment in the next century, adds to CBS's significant portfolio of Internet investments...," he said.
Earlier this year, Karmazin indicated CBS planned to accelerate its Internet investments in an effort to capitalize on the medium's rapid growth. CBS already owns stakes in SportsLine USA Inc., MarketWatch.com, StoreRunner Inc., Office.com Inc., ThirdAge.com Inc., Medscape Inc., Wrenchhead.com Inc. and Switchboard Inc.
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