CBS <CBS.N>names head of Gates foundation to board
NEW YORK, July 29 (Reuters) - CBS Corp. said the chairman
of Bill Gate's philanthropic foundation Patty Stonesifer, 43,
will join the media company's board, effective December 1.
Gates, the chairman of Microsoft Corp <MSFT.O>, hired
Stonesifer to run the foundation after she was a senior vice
president at the software giant, managing education and
consumer software investments, and new online content and
service.
David McLaughlin, CBS chairman, said in a prepared
statement that Stonesifer's "distinguished background in the
world of new media will be invaluable to the corporation as
(CBS chief executive) Mel (Karmazin) and his team increase our
presence in that important area."
In recent months, CBS has been leveraging its position as a
one-stop advertising giant covering several different media to
acquire stakes in a variety of Internet companies.
One week ago, CBS -- which is in the process of acquiring
billboard company Outdoor Systems Inc <OSI.N> for $8.3 billion
-- said it will buy a 20 percent stake in privately-held online
drugstore Rx.com in exchange for $37.5 million worth of
advertising.
Under the deal, Austin, Tex.-based Rx.com will be able to
advertise for four years on CBS television and radio networks
and affiliates, as well as on the CBS's outdoor advertising
properties.
CBS owns more than 80 percent of Infinity Broadcasting
Corp. <INF.N>, has its its existing TDI billboard business that
will be integrated with Outdoor Systems, and owns 14 television
stations that are affiliated with the CBS television network.
"As the computer and the Internet take ever more dynamic
roles in the home," Karmazin said, "we will continue to grow
our role in the new media that deliver content to our many
audiences. In that regard, we look forward to the new
dimension Patty's thinking will bring to our board."
Stonesifer also serves on the boards of Amazon.com Inc.
<AMZN.O>, Alaska Air Group Inc. <ALK.N>, Kinko's Inc., The
Seattle Foundation and the YWCA of King County.
.
REUTERS
Rtr 16:14 07-29-99 |
