CBS Does Indeed Scoop Up Wallstrip

Wallstrip, an online video show that takes a whimsical approach to financial news, has been bought by CBS Interactive for a price in the single-digit millions, with a multi-year commitment to continue the show and add additional financially oriented web series.

Both CBS and Wallstrip confirmed the deal, which was rumored last week, had been completed on Monday, though they said the reported price of $5 million was not correct.

Wallstrip creator Howard Lindzon said CBS bought the show in part because of its “web 2.0” attitude towards widely syndicating and distributing its video (see panel at left). “Quincy wants to be everywhere,” he said, meaning Quincy Smith, CBS’ dealmaker and the initiator of the Wallstrip purchase. The team will be part of, helping out with its video projects.

Wallstrip — like any low-budget production — also takes a liberal approach to including content from anywhere, rather than leading with business development. Says Lindzon, “We don’t mind linking out to Yahoo Finance or Google Finance for that commoditized information.”

Wallstrip star Lindsay Campbell and producers Adam Elend and Jeff Marks will become full-time employees of CBS, and Lindzon, who also makes his living as an investor, will play a consulting role.

Lindzon said among multiple bidders CBS was the best opportunity because Campbell, Elend, and Marks — none of whom have financial backgrounds — will be able to participate in a wider variety of content production.

Wallstrip had raised $600,000 from a group of angel investors including venture capitalists Fred Wilson and Brad Feld, but still had much of that money in the bank, according to Lindzon. He said Campbell, Elend, and Marks all had equity stakes in the company.

The video announcement is here.

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