CBS sets sights on Internet

US film to music giant, CBS took another step toward becoming a major player in online media yesterday after it announced it was buying a stake in two established Net companies. The giant media company signed letters of intent with Storerunner -- an online shopping mall -- and the top movie site Hollywood.com as part of a $200 million investment programme. "We're only at the beginning of our Internet strategy," said CBS CEO Mel Karmazin in a statement. "Our goal is to be as strong a player in new media as we are in the established media of television, radio and outdoor." CBS already owns a 20 per cent stake in SportsLine USA and a 38 per cent stake in MarketWatch.com, which operates the CBS.MarketWatch.com Web site. ®