SportsLine.com, Inc. Terminates Agreement with MVP.com, Inc.
| ||
|
FORT LAUDERDALE, FL (November 17, 2000) - SportsLine.com, Inc. (NASDAQ: SPLN), the leading global Internet sports media company and publisher of CBS SportsLine.com (http://cbs.sportsline.com), today announced that it has terminated its agreement with MVP.com pursuant to which MVP.com has operated the e-commerce site for SportsLine.com since January 2000. As previously reported in SportsLine.com's October 19, 2000 third quarter operating results press release, MVP.com remains overdue with its scheduled payment for the fourth quarter of 2000. SportsLine.com's termination was due to MVP.com's breach of certain provisions of the agreement. Negotiations for a restructuring of the agreement were unsuccessful.
"As we stated during our quarterly earnings announcement, we are very confident that we will be able to continue to capitalize on our large user base and reach another e-commerce partnership agreement in the very near future," said Michael Levy, founder and CEO of SportsLine.com, Inc. "We have millions of sports enthusiasts visiting our site each month that are predisposed to purchasing sporting goods and we've already proven our ability to leverage our large and growing audience in this $70-plus billion category."
Until a new agreement is in place, SportsLine.com users will continue to have the ability to purchase merchandise on the site.
About SportsLine.com, Inc.
SportsLine.com, Inc. (NASDAQ:SPLN) 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 one million pages of multimedia sports information, entertainment and merchandise. The Company's flagship Internet sports service (http://cbs.sportsline.com) was renamed CBS SportsLine.com as part of an exclusive promotional and content agreement with CBS in March 1997. 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 1999, the Company commenced operations in Europe through its 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.
# # #
| ||
| For further information, contact: |
| |