CanWest Global’s interactive division, CanWest Interactive, is set to buy up to 40% of Medbroadcast, in a $20 million deal inked late last month.

The deal, which marks CanWest Interactive’s first purchase, makes CanWest the largest single shareholder in Medbroadcast’s medical Website medbroadcast.com.

The $20 million will be injected, over a three-year period, through a combination of cash and air time on the Global Television Network and globaltv.com, in exchange for a 32% interest in Medbroadcast, founded by mining guru Murray Pezim and recreated seven years ago by his son Michael, a Vancouver-based doctor.

Warrants included in the deal will enable CanWest Interactive to eventually increase its share to 40%. It also gets two seats on the Medbroadcast board and the right of first refusal to license health-related content created by Medbroadcast.

On the creative side: the two companies will jointly develop a 26-episode television series on health and lifestyle issues to be aired on Global in Sept. 2000; and Medbroadcast will incorporate Global medical news and related content on medbroadcast.com with full-motion video and audio, interactivity and fully accessible archives.

The two companies will also combine online and offline advertising programs for sponsors, and have shared use of Global media sales staff across Canada; additionally, Global will assist Medbroadcast in international licensing of its medical content – all of which will position the medical Web site to better compete against American medsites WebMD.com and DrKoop.com, and provide CanWest Interactive with a high dose of medical content.