SPORTSLINE'S FIRST DAY OF TRADING A SUCCESS AS STOCK RISES
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).