FOR IMMEDIATE RELEASEFor information contact: Bret Werner/Jerry Milani Alan Taylor Communications (212) 714-1280
Fort Lauderdale, Florida -- (November 13, 1997) -- SportsLine USA, Inc. (NASDAQ/NMS:SPLN) announced today that it has completed an initial public offering of 3.5 million shares of common stock at a price of $8.00 per share.
All of the 3,500,000 shares are being sold by the Company; of these shares, the Company is selling 672,043 shares and 134,408 shares directly to Intel Corporation and Mitsubishi Corporation, respectively. In addition, the Company has granted the underwriters an option to purchase 525,000 shares of Common Stock to cover over-allotments, if any. The offering is being managed by BancAmerica Robertson Stephens, Cowen & Company and NationsBanc Montgomery Securities, Inc.
The Company is a leading Internet-based sports media company that provides branded, interactive information and programming as well as merchandise to sports enthusiasts worldwide. The Company's flagship Web site, CBS SportsLine (cbs.sportsline.com), delivers real-time, in-depth and compelling sports content and programming that capitalizes on the Web's unique graphical and interactive capabilities. The Company's other Web sites include those devoted to sports superstars such as Joe Namath, Michael Jordan, Shaquille O'Neal (shaq.com), Cal Ripken, Jr. (2131.com) and Wayne Gretzky (gretzky.com) and to electronic odds and information on major sports events.
The Company distributes a broad range of up-to-date news, scores, player and team statistics and standings, photos and audio and video clips obtained from leading sports news organizations and the Company's superstar athletes; offers instant odds and picks; produces and distributes entertaining, interactive and original programming such as editorials and analyses from its in-house staff and freelance journalists; produces and offers contests, games, fantasy league products and fan clubs; and sells sports-related merchandise and memorabilia. The Company also owns and operates a state-of-the-art radio studio from which it produces all-sports radio programming broadcast over the Internet.
The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes, including expansion of the Company's marketing and advertising sales efforts, content development and licensing, international expansion and capital expenditures.
A prospectus related to the offering may be obtained from BancAmerica Robertson Stephens, 555 California Street, Suite 2600, San Francisco, California 94104, 415/781-9700; Cowen & Company, One Financial Square, New York, NY 10005, 212/495-6000; and NationsBanc Montgomery Securities, Inc., 600 Montgomery Street, San Francisco, California 94111, 415/627-2000.
Company Contact:
Emmett Moore
Investor Relations
(954) 351- 8098
Notice:A registration statement relating to these securities was filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.