Media Giant CBS Corp has taken a 22% stake in Wrenchead.com Inc in exchange for $33m in advertising and promotion across CBS radio, television and outdoor properties over four years. Wrenchead, a privately-held company, sells car and truck parts on the web and provides auto-related news and information. In addition, CBS Cable says it will work with Wrenchead to explore the development of programming targeting the automotive enthusiast for its country lifestyle cable channel, TNN.
The Wrenchead stake increases CBS’ existing internet portfolio, which includes investments in SportsLine USA Inc, MarketWatch.com, Inc, StoreRunner Inc, Office.com Inc, Medscape, Inc, and Switchboard Inc. The company has also recently signed a deal to exchange promotion and advertising for equity in Rx.com Inc, as well as a letter of intent for a similar arrangement with hollywood.com.
