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INTEL AND MITSUBISHI BUY STAKE IN SPORTSLINE USA
Published October 30, 1997
Intel Corp. and Mitsubishi Corp. have agreed to buy "substantial stakes" in FL-based SportsLine USA, according to David Poppe of the MIAMI HERALD. SportsLine said Intel agreed to buy 537,634 shares of stock and Mitsubishi agreed to buy 215,054 shares for $9.30 per share. Together, the two companies would invest $7M into SportsLine in exchange for a 5.5% ownership stake. Their purchase would be part of SportsLine's IPO of 3.5 million shares, in which SportsLine "anticipates" other investors paying $10 per share. One analyst told Poppe that the commitments from Intel and Mitsubishi "may help sell the IPO to other investors who have shied away" from SportsLine. Poppe adds that SportsLine originally "hoped to raise at least" $40M in its IPO, but the latest prospectus says that figure has been "scaled back" to $35M (MIAMI HERALD, 10/30).