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SPORTSLINE'S FIRST DAY OF TRADING A SUCCESS AS STOCK RISES
Published November 14, 1997
Fort Lauderdale-based SportsLine USA's stock "soared" nearly 22% in its first day of trading, according to David Altaner of the Fort Lauderdale SUN-SENTINEL. SportsLine sold 3.5 million shares, opening at $8 and closing at $9.75, with 1,024,800 shares changing hands on the NASDAQ. But SportsLine "has a way to go" before it makes a profit, as Altaner adds it has lost $37.6M since it was founded in '94 including $19M in the first nine months of '97. The "majority of its income" has come from advertising, not subscriber fees of up to $49.95 per year (SUN-SENTINEL, 11/14). The IPO represents a 26% stake in the company, and a Bloomberg report said that SportsLine's successful first day was "powered" by "high-profile connections to well-known companies and athletes" (HOLLYWOOD REPORTER, 11/14).