SPORTSLINE USA LOOKS TO SELL $40M IN STOCK VIA IPO
SportsLine USA filed with the SEC for an IPO yesterday,
and will try to sell $40M of stock, according to David Poppe
of the MIAMI HERALD. While SportsLine USA didn't reveal how
many shares it would sell, or provide a price for the stock,
Poppe notes SportsLine USA "almost certainly envisions"
selling a minority of its 25.3 million outstanding shares.
The company has issued warrants to business partner CBS to
buy stock over the next five years at prices ranging from
$4-12, and at the $8 mid-range of that price SportsLine USA
could raise $40M by selling five million shares to the
public, giving new investors less than 17% ownership and
giving the company a stock market valuation in excess of
$240M (MIAMI HERALD, 4/17). Shares will trade on the NASDAQ
market under the symbol SPLN (Bloomberg/N.Y. POST, 4/17).
J.D. SIGNS UP: Hockey analyst John Davidson signed a
three-year deal with SportsLine USA's site on the World Wide
Web, CBS SportsLine, which includes Davidson answering e-
mail and contributing to SportsLine radio (SportsLine USA).