NEW YORK — Wily Mel Karmazin is playing the ‘Net again, commanding a 30% stake in ThirdAge Media for his CBS Corp. in exchange for $54 million in advertising, promotion and other non-cash considerations.
ThirdAge is a privately held source for information, community and services for the growing population of older baby boomers and the businesses that target them.
The San Francisco-based company reaches adults 45 and older through Web sites, a syndicated news service, research programs and commerce services.
The branding support CBS will confer on ThirdAge Media has been earmarked for its Web site — ThirdAge.com — and will be spread over seven years and across the full range of CBS’ media properties and its radio-and-outdoor subsidiary, Infinity Broadcasting Corp.
The 30% stake the Eye gains in exchange for its support will be supplemented by warrants for an additional 5% of ThirdAge.
Karmazin, CBS president and CEO, called the deal “yet another strategic investment in what is now the fastest-growing segment of the Web user population — adults aged 45 to 65.”