Spot Runner, a start-up that offers a Web interface for creating and placing ads into local television programming, has banked $40 million in funding from a slew of big-name investors, which will help it expand into other media.

The Los Angeles-based company on Monday announced the new round — with CBS Corp., Interpublic Group and WPP as equity investors — and said the money would be used to expand its push into online video, VOD (video on demand) and IPTV (Internet Protocol Television).

Spot Runner makes it easy for businesses to use the Internet to build and execute a media buy on local television. For as little as $500, Spot Runner can create and deliver a targeted TV ad campaign, using a library of customizable ad templates and connections with television stations in local and regional markets.

Read the full article at ClickZ.