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SANDBOX.COM ENTERS INTO INVESTMENT AGREEMENT WITH CNN/SI

          Sandbox.com has received an equity investment from
     CNN/SI Interactive, which will allow Sandbox to develop more
     than 30 co-branded fantasy sports and arcade games for
     CNNSI.com.  As part of the deal, CNN/SI Interactive will
     provide Sandbox with co-branded advertising and promotion
     across Time Warner's media properties, including CNNSI.com,
     SI, and the CNN, CNN Headline News and CNN/SI TV networks. 
     The deal also calls for CNN/SI Interactive and Sandbox to
     have the ability to co-market to the CNNSI.com users of the
     Sandbox fantasy games (Sandbox).  BLOOMBERG NEWS' Scott
     Newman wrote that Time Warner is "exchanging" $15M worth of
     advertisements in its properties for an 8% stake in Sandbox. 
     CNN/SI Interactive said that its two-year agreement with
     Sandbox calls for the company "to create as many as 64 games
     or contests for CNNSI.com" (BLOOMBERG NEWS, 4/23).  The
     SPORTSBUSINESS JOURNAL's Noah Liberman writes that
     SmallWorld.com "had been CNNSI.com's primary game provider
     in a deal that ended last week."  Sandbox "has been
     producing games for CNNSI.com since March as well"
     (SPORTSBUSINESS JOURNAL, 4/24 issue).  CNN/SI Interactive
     Senior VP & GM David Payne: "Fantasy sports is a huge growth
     area for us."  The INDUSTRY STANDARD's Bernhard Warner wrote
     that the "difference between the fantasy sports fans and the
     typical fan is that they are loyal to the site where they
     register to play.  They come back multiple times per week
     and sift through page after page of statistics, making for
     abundant opportunities to market products to the
     predominantly male audience."  Sandbox CEO Larry Cotter said
     that the company generates 70% of its revenue "by direct
     marketing to its audience."  Advertisers such as National
     Geographic and IBM "pay Sandbox for access to users who
     indicate they want ads e-mailed to them based on their
     interests and preferences" (INDUSTRY STANDARD, 4/22).

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