A series of novel platinum-containing carbazole monomers and polymers was synthesized and fully characterized by UV-VIS absorption, luminescence, and photoinduced absorption studies. In these compounds, a carbazole unit is incorporated into the main chain via either a para- or a meta-linkage. We discuss the effects of linkage and polymerization on the energy levels of S1, T1, and Tn. The S1-T1 splitting observed for the meta-linked monomer (0.4 eV) is only half of that in the para-linked monomer (0.8 eV). Upon polymerization, the exchange energy in the para-linked compound reduces, yet still remains larger than in the meta-linked polymer. We attribute the difference in exchange energy to the difference in wave function overlap between electron and hole in these compounds.