HOLLYWOOD — In its second major online investment in as many days, CBS Corp. has added Jobs.com to its ‘Net holdings, taking a 38% stake in the local job-search Web site.
In return, Jobs.com will receive $62 million worth of advertising and promotion across CBS’ holdings, including television, radio and outdoor advertising properties, over the next five years.
Jobs.com is the creator of Resumail, a software system that facilitates writing, distributing and receiving resumes via the Internet. The site also offers an Internet recruiting service, connecting job seekers and employers locally and nationally.
“The newspaper business has long been the sole recipient of the $17 billion classifieds advertising market. As that revenue is increasingly ceded to the Internet, we believe Jobs.com is well positioned to benefit from the transition,” CBS topper Mel Karmazin said.
On heels of Wrenchhead.com stake
The deal follows the 22% stake CBS took Monday in Wrenchhead.com Inc., an online provider of auto repair info and seller of automotive parts. That agreement was valued at $33 million in advertising. CBS Cable will also work with the site to develop programming targeting motor sports fans watching its country lifestyle cabler TNN.
Infinity Broadcasting, a majority-owned radio and outdoor advertising subsidiary of CBS, will receive a share of both investments. In addition, CBS will hold two seats on Jobs.com’s board of directors.
The deal further signals how CBS is using its promotional capabilities as currency for stakes in Internet outfits.
CBS most recently invested in online pharmacy Rx.com, health information site Medscape and entertainment Web site Hollywood.com, and has stakes in SportsLine USA, MarketWatch, StoreRunner, Office.com and ThirdAge Media.
“This investment by CBS will allow us to reach deep into local markets with traditional advertising opportunities, as well as the ability to sponsor special programming and pursue unique partnership opportunities,” said Timothy Armes, CEO of Jobs.com.