TVG Acquires 16.6% Of Youbet.com, Has Ability For More

Television Games Network (TVG) has acquired 16.6% of Youbet.com's outstanding share of common stock, according to Eric Mitchell of BLOODHORSE.com, who noted TVG was "given the option of buying 3,884,650 shares for one-tenth of a cent per share as part of a licensing agreement" made on May 18, 2001. TVG has a "second warrant to purchase up to 51% of Youbet.com's common shares outstanding on the date the warrant is exercised, including the shares TVG just bought." The second block of shares can be purchased any time on or before May 18, 2004, and if "exercised would generate" about $40M for Youbet.com (BLOODHORSE.com, 6/13).