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By Ian Jones
Published: 13 April 1999 12:18 BST
US media group CBS has bought stakes in two Internet companies and a TV station, in deals worth a total of almost $700m.
In exchange for $100m worth of advertising on CBS' US TV stations, the company will take a 35 per cent stake in entertainment Web site http://www.hollywood.com. A similar $100m deal will see CBS acquire 50 per cent of online shopping mall, http://www.storerunner.com
CBS also announced it will buy Dallas-based KTVT-TV from Gaylord Entertainment for $485m of stock. The move means it now owns 34 per cent of the US TV market.
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