CBS to Buy 38% Stake in Jobs.com

CBS Corp. plans to buy a 38% stake in online employment service Jobs.com Inc. in exchange for $62 million in advertising for five years.

CBS’ majority-owned Infinity Broadcasting Corp., the second-largest U.S. radio company, would be part of the investment. CBS also would get two seats on Jobs.com’s board.

The acquisition of closely held Jobs.com would be the fourth Internet-related purchase for New York-based CBS since July, and would bring CBS’ Internet investments to 11. On Monday, CBS said it’s buying a 22% stake in online automotive parts seller Wrenchead.com. In July, CBS agreed to buy a 20% stake in online pharmacy Rx.com and a 35% stake in Medscape Inc., the No. 1 Internet site aimed at doctors.

Dallas-based Jobs.com, launched in 1992, is one of the largest locally focused employment destinations on the Internet for employees and employers. It’s the developer of Resumail software, which can send resumes over the Internet. Jobs.com is used by 2,000 companies nationwide.