Under terms of the deal, Jobs.com will receive $62 million worth of advertising, promotion, and other benefits over a five-year term across CBS's television, radio, and outdoor properties, the companies said in a statement.
Today's investment is the latest of CBS's multiple advertising and promotional deals with Internet companies. CBS yesterday took a 22 percent stake in Wrenchead.com, an online seller of automotive parts. In addition, the company recently announced a promotion and advertising agreement with online pharmacy Rx.com and said it has signed a letter of intent for a similar arrangement with Hollywood.com.
CBS lately has been making a habit of using advertising and promotion on its offline media outlets as currency for stakes in Internet companies. Last month, for example, CBS acquired a 35 percent stake in health information site Medscape. It paid for the stake with $150 million in advertising and promotion on its offline media outlets over a seven-year period.
"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," Timothy Armes, Jobs.com chief executive, said in the statement.
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 that connects 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 that Jobs.com is well positioned to benefit from the transition," Mel Karmazin, CBS chief executive, said in the statement.
CBS's other Net investments include stakes in SportsLine USA, MarketWatch, StoreRunner, Office.com, and ThirdAge Media.
Infinity Broadcasting, a majority-owned subsidiary of CBS, will receive a share of the investment. In addition, CBS will hold two seats on Jobs.com's board of directors.