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CBS buys stake in WinStar's Office.com in $42 million pact

NEW YORK (Dow Jones News) -- CBS Corp. and its Infinity Broadcasting Corp. unit completed the acquisition of a one-third stake in WinStar Communications Inc.'s Office.com Web site for business owners, Winstar said Thursday.

The deal called for CBS and Infinity to provide $42 million in promotion and advertising for the online service over a six-year period.WinStar said Office.com -- which provides information, services and products for small and medium-sized businesses -- is set for a full-scale launch at the end of the third quarter.

Under the agreement, Office.com will have access to the CBS Plus cross-media sales force.

CBS, a television broadcasting company based in New York, had 1998 revenues of $6.80 billion. WinStar, a telecommunications company based in New York, had 1998 revenues of $244.4 million.