CBS, Viacom juicing up Joost


NEW YORK -- CBS Corp. and Viacom are among five investors that have committed $45 million in financing to highly anticipated online television service Joost, the company said Thursday.

Sequoia Capital, the Li Ka-Shing Foundation and Index Ventures round out the company's investors.

"This funding represents a tremendous vote of confidence in Joost's platform," company co-founder Janus Friis said. "We've carefully selected these investors from a variety of interested parties, as they are best-in-class in their respective arenas and bring unique assets to Joost."

Joost is part of the CBS Interactive Audience Network, set to launch in the summer, and it has a content deal with Viacom.

Index, a European venture capital firm, specializes in technology investments; Sequoia, a U.S. firm, has worked with Apple Computer, Google, Yahoo and Cisco Systems.

The Li Ka-Shing Foundation is a charitable organization run by Chinese billionaire Li Ka-Shing, chairman of Hutchison Whampoa Ltd. and Cheung Kong Holdings, based in Hong Kong. Joost hopes to expand into Asian markets through this investment.