It’s Official: CBS Picks Up WallStrip

We understand that the name is officially being changed to CSI: Wall Street.

[After the jump, read the press release from CBS]

CBS INTERACTIVE ACQUIRES WALLSTRIP,
AN ONLINE PROPERTY AND DAILY WEBSHOW
WHERE STOCK CULTURE MEETS POP CULTURE

CBS Interactive today announced the acquisition of Wallstrip, an online property that produces and syndicates a daily webshow focused on financial news. The acquisition was first referenced in Wallstrip’s program this morning.

While Wallstrip will maintain a separate identity, the Wallstrip team will work with CBS Interactive to build original web and mobile-based content and community.

"CBS recognizes that original web content — whether it’s news, sports or entertainment - is starting to show real traction with audiences, producers and advertisers," said Quincy Smith, President, CBS Interactive. "As CBS evolves from a content company into an audience company, we need to build a team of talented web producers who ‘get’ the growing online demand."

As part of the acquisition, Wallstrip writers and producers Adam Elend and Jeff Marks have inked a two-year deal to executive produce original video content for CBS Interactive. Lindsay Campbell will continue as host of the program and Wallstrip creator, Howard Lindzon will take on an active consultant role for the division.

Wallstrip brings to CBS a loyal community of stock market enthusiasts, venture capitalists, business students and traders. The show’s unique blend of irreverent humor and finance attracts a young, predominantly male viewership. In the six months since it launched, the Wallstrip team secured syndication for its daily content through properties such as YouTube, Veoh, Blip.tv, iTunes, Yahoo! Podcasts, Google Finance, TheStreet.com, AOL Uncut, vSocial and Revver. Through these and other distribution outlets Wallstrip has built a sizable online audience.

"CBS is a great match for Wallstrip," said Howard Lindzon, Wallstrip Founder and CEO. "The CBS Interactive team is committed to growing the property and expanding the programming while keeping true to the core product. We have a lot of room to grow inside of the financial news vertical and CBS will help us get there faster. In addition, it will be exciting to watch what happens when the creative talents of Adam and Jeff are unleashed inside CBS Interactive."

Continued Smith, "The Wallstrip team is made up of savvy and resourceful web content creators whose talents we will utilize as we build our next-generation roster of programming verticals. Also, their distribution strategy of syndicating their content to many video properties rather than force people to visit Wallstrip.com is very much in line with the CBS Interactive philosophy."

CBS Corporation (NYSE: CBS.A and CBS) is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW – a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime and CSTV Networks), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products) and video/ DVD (CBS Home Entertainment). For more information, log on to www.cbscorporation.com.