COMPANY TOWN ANNEX

CBS Agrees to Create TV Shows With HBO: CBS Inc. and Time Warner Inc.’s Home Box Office division have agreed to cooperate in developing prime-time television series. CBS would get the first chance to run any series developed under the pact but would not be obligated to do so. If it decides against running a series, CBS would still keep a financial stake in the series, which could be run on another network. HBO’s production division, HBO Independent Productions, has made several youth-oriented series such as “Martin,” “Roc” and “The Ben Stiller Show” for the Fox network. CBS finished last season in third place in the prime-time ratings behind ABC and NBC and is making a push to offer programs that appeal to a younger audience.