Aussie Social Media Company Buys Into BigTeams Callaway Profits Beat Q1 Expectations Under Armour Profit Down In Q1 Dick's Takes Prudent Approach To Financial Future ISC Revenues Up For Q1 Of '15 ESPN Agrees To Buy DraftKings Stake SeatGeek Closes Latest Round Of Venture Financing Hudl Closes $72.5M Round Of Funding MSG Confirms Plans To Split In Two Asics America Enjoys Strong '14
Upcoming Conferences and Events
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).