FORT LAUDERDALE, FL (September 1, 1998) - SportsLine USA, Inc. (Nasdaq:SPLN) today announced that it has filed with the Securities and Exchange Commission a shelf registration on behalf of certain holders of 1,776,458 shares of its Common Stock. The shares being registered include 674,558 shares issued in connection with SportsLine USA's January 1998 acquisition of GolfWeb; 46,924 shares issued in connection with SportsLine USA's June 1998 acquisition of International Golf Outlet, Inc.; and 1,054,976 shares issued, or issuable upon the exercise of warrants granted by SportsLine USA, to various athletes, consultants, advisors and other content providers.
The Company noted that the registration statement was filed pursuant to previously granted registration rights, principally for shares issued in connection with recent acquisitions, and that the filing is not an indication that all of the registered shares will be sold. The Company also said that none of its major investors, including CBS, US West, Kleiner Perkins or Michael Levy, exercised their "piggyback" registration rights to include their shares in the September 1, 1998 registration statement.
Following the effective date of the registration statement, the registered shares may be offered and sold by the selling shareholders from time to time in open-market or privately negotiated transactions, at market prices prevailing at the time of sale. The selling shareholders may effect such transactions directly or indirectly through broker-dealers or agents acting on their behalf. SportsLine USA will not receive any of the proceeds from the sale of shares by the selling shareholders.
About SportsLine USA
SportsLine USA, Inc. is a leading Internet-based sports media company that provides branded, interactive information and programming as well as merchandise to sports enthusiasts worldwide. SportsLine USA publishes CBS SportsLine, which features more than 300,000 pages of multimedia sports information, entertainment and merchandise covering all major professional, collegiate and international sports and includes exclusive content from sports teams, organizations and superstars such as Michael Jordan, Tiger Woods and Shaquille O'Neal. SportsLine USA was founded in 1994, and its Internet sports service was renamed CBS SportsLine in March of 1997 as part of an exclusive five-year promotional and content agreement with CBS Sports.
Chief Financial Officer
SportsLine USA, Inc.
(954) 351-2120, ext. 829
Sara L. Wilkins
Director, Investor Relations
SportsLine USA, Inc.
(954) 351-2120, ext. 511
Note: A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.