"Both AEG and I had a relationship with CBS and we brought it up to Les, who loved the idea," says Cuban. "We didn't shop it at all."
CBS said Thursday it is trading programming and marketing for a minority stake in AXS TV, the television company owned by Mark Cuban, AEG, Ryan Seacrest Media and CAA.
While exact financial terms weren't disclosed, insiders say the deal was inked Wednesday night and that it doesn't require CBS to pay any cash for its equity stake in AXS.
Instead, CBS has agreed to promote AXS in yet-to-be determined ways for several years, plus provide access to live events, such as the Grammys, Tonys, Kennedy Center Honors and ACM Awards so that AXS can create "shoulder" programming around them. CBS might also let AXS show reruns of the live-entertainment events that it airs.