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SPORTSLINE USA LOOKS TO SELL $40M IN STOCK VIA IPO
Published April 17, 1997
SportsLine USA filed with the SEC for an IPO yesterday, and will try to sell $40M of stock, according to David Poppe of the MIAMI HERALD. While SportsLine USA didn't reveal how many shares it would sell, or provide a price for the stock, Poppe notes SportsLine USA "almost certainly envisions" selling a minority of its 25.3 million outstanding shares. The company has issued warrants to business partner CBS to buy stock over the next five years at prices ranging from $4-12, and at the $8 mid-range of that price SportsLine USA could raise $40M by selling five million shares to the public, giving new investors less than 17% ownership and giving the company a stock market valuation in excess of $240M (MIAMI HERALD, 4/17). Shares will trade on the NASDAQ market under the symbol SPLN (Bloomberg/N.Y. POST, 4/17). J.D. SIGNS UP: Hockey analyst John Davidson signed a three-year deal with SportsLine USA's site on the World Wide Web, CBS SportsLine, which includes Davidson answering e- mail and contributing to SportsLine radio (SportsLine USA).