The magnetization and magnetic susceptibility of Bridgman-grown Cd_{1-x}Co_{x}Se with values of x up to 0.04 have been measured over a temperature range from 2 to 390 K and in magnetic fields up to 23 T. A pair-exchange value J/k_{B} of about -3 K was obtained from the magnetic field dependence of the magnetization. This exchange is probably due to the next-nearest-neighbor interaction. The high-temperature susceptibility data indicated a presence of the Curie-Weiss like paramagnetism and the temperature independent Van Vleck type paramagnetism.
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