CBS Plans More Internet Investments

CBS Corp. is reportedly eyeing other Internet investments in hopes of continuing to expand its online reach and satisfy Wall Street’s increasing demand for Internet issues.

According to published reports, CBS Chief Executive Officer Mel Karmazin told entertainment industry executives Wednesday more deals are coming over the next few months, but he would not elaborate. Karmazin was speaking at an entertainment industry conference in New York.

CBS already owns two publicly-traded Internet issues, CBS SportsLine (SPLN) and Inc. (MKTW).

Both of those companies had successful initial public offerings. rocketed to $130 after going public in January, but has fallen to about half that level. Still, it now has a value of $784 million. SportsLine shares have more than quadrupled since debuting Nov. 19.

Karmazin’s comments further illustrate the desire of traditional media companies to embrace the Internet. Walt Disney Co. recently launched its Go Network and NBC has taken a stake in ValueVision in an effort to increase its electronic commerce business.

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