CBS Exercises Warrants to Purchase 380,000 Shares of
FORT LAUDERDALE, FL (December 29, 1999) - SportsLine.com, Inc. (NASDAQ: SPLN), the leading global Internet sports media company, announced today that CBS (NYSE: CBS) has exercised warrants to purchase 380,000 shares of SportsLine.com, Inc.'s Common Stock at $20.00 per share, resulting in net proceeds to the Company of $7.6 million. Upon exercise of the warrants, CBS owns approximately 4.04 million shares of SportsLine.com, Inc. Common Stock, or approximately 16.1% of the Company's outstanding shares.|
The warrants were issued pursuant to the original five-year agreement between CBS and SportsLine.com, Inc., signed on March 5, 1997, wherein the Company's flagship Internet site was renamed CBS SportsLine (http://cbs.sportsline.com). The agreement was extended through 2006 on February 11, 1999, granting CBS 1.2 million additional warrants. Including those warrants and warrants still remaining from the original agreement, CBS will have the right to exercise warrants to purchase up to 1.96 million additional shares of SportsLine Common Stock over the next two years, at prices between $23 and $45 per share. Under the terms of the amended agreement, during 2002 through 2006, the Company will issue $20 million of Common Stock to CBS each year in exchange for providing additional promotional and sales opportunities.
About SportsLine.com, Inc.
SportsLine.com, Inc. is at the leading edge of media companies providing Internet sports content, community and e-commerce on a global basis. SportsLine.com, Inc.'s content includes more than 400,000 pages of multimedia sports information, entertainment and merchandise. Founded in 1994 as SportsLine USA, Inc., the Company changed its name to SportsLine.com, Inc. in November 1999. Its flagship Internet sports service (http://cbs.sportsline.com) was renamed CBS SportsLine in March of 1997 as part of an exclusive promotional and content agreement with CBS Sports. SportsLine.com, Inc. produces the official league Web sites for Major League Baseball, the PGA TOUR and NFL Europe League, and serves as the primary sports content provider for America Online, Netscape and Excite. In May 1999, the Company commenced operations in Europe through its majority-owned subsidiary, Sports.com Limited.
Note: This press release contains forward-looking statements, which involve risks and uncertainties. SportsLine.com's actual results could differ materially from those anticipated in these forward-looking statements. Factors that might cause or contribute to such differences include, among others, competitive pressures, the growth rate of the Internet, constantly changing technology and market acceptance of the company's products and services. Investors are also directed to consider the other risks and uncertainties discussed in SportsLine.com's Securities and Exchange Commission filings, including those discussed under the caption "Risk Factors That May Affect Future Results" in SportsLine.com's latest Annual Report on Form 10-K. SportsLine.com undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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