Adidas Chair Hainer Talks Upcoming Retirement Bryant Hopes Appeal In Asia Helps New Fund BAM Tech Buys Stake In Silver Chalice Kobe Launches $100M Tech Fund Performance Sports Group Losing Value Analysts Pleased With Disney-BAM Tech Deal Adidas Continuing To Show Sales Growth SMI Takes Revenue Hit In Q2 Report Under Armour Grabs New Manhattan Space Analytics Company Catapult Buys XOS Digtial
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).