August 17, 1999
CBS in Clinch With Wrenchead.com
New York media giant CBS Corp. continues its acquisition spree with the decision yesterday to buy a 22 percent equity stake in Wrenchead.com, an online auto parts retailer. In return, Wrenchead.com will gain $33 million worth of advertising and promotion over the next four years, among other things, across CBS's TV, outdoor and radio properties. Additionally, Wrenchead.com will work jointly with the broadcaster to develop auto-enthusiast targeted programming for CBS' TNN country lifestyle cable channel. CBS' online interests now span SportsLine USA, MarketWatch.com, StoreRunner, ThirdAge Media, Medscape, Switchboard, Office.com, Rx.com and Hollywood.com.