CBS Radio will begin selling inventory for audio and video ads across all its stations in a three-year deal it has signed with New York City-based TargetSpot, an 18-person specialized agency run by Kanoodle vet Doug Perlson. Union Square Ventures’ Fred Wilson is among the investors who have put more than $2 million in the company, which debuted in March.

The company has 75 stations online today and expects to have 500 stations up in short order. Besides CBS, other affiliates include Entercom, Beasley, Nassau Broadcasting and FNX Radio.

Perlson says TargetSpot typically handles production for advertisers, and also enables networks to be built on the fly on a hyper-local basis, working with such groups as the New York State Restaurant Association. “Restaurants can focus on a couple of ZIP codes,” he says. Other categories vary, and can include events. “Bands can focus on specific venues,” he notes.

While radio ads on the Web are very underdeveloped, Perlson says the opportunity is great with “80 million streaming users of terrestrial stations. They can reach new types of advertisers.” He also sees opportunities with video. “Radio stations are more of a local hub,” he says. “They are more than audio content.” Many station sites, for instance, already host videocams and newsclips.