In connection with the termination of the existing agreement, America Online will refund to SportsLine.com approximately 1.7 million shares of common stock which will be retired and cancelled. In addition, SportsLine.com has been relieved from its obligation in 2003 to pay an additional $1,000,000 in cash and/or stock to AOL.
"We've enjoyed a long, mutually successful relationship with AOL," said Michael Levy, founder and CEO for SportsLine.com. "The billions of impressions we received from AOL over the years were significant in helping us to achieve our objectives of building sustainable traffic for CBS SportsLine.com and to create a great brand that is recognizable virtually everywhere. These transactions will enable SportsLine.com to redirect its marketing efforts in light of the Company's increased focus on promoting its subscription products."
SportsLine.com began its relationship with AOL in July 1997, when CBS SportsLine.com became an anchor tenant in the AOL Sports Channel. SportsLine.com and AOL continue to be part of four-way partnership, along with CBS and the National Football League, which encompasses wide-ranging technology-based media initiatives, including SportsLine.com's production and hosting of NFL.com and SuperBowl.com.
About SportsLine.com, Inc.
SportsLine.com (Nasdaq:SPLN) is at the leading edge of media companies providing Internet sports content, community and e-commerce. As the publisher of CBS SportsLine.com and the official Web sites of the NFL, PGA TOUR and NCAA Sports, the Company serves as one of the most comprehensive sports information sources available, containing an unmatched breadth and depth of multimedia sports news, information, entertainment and merchandise. SportsLine.com also serves as a primary sports content provider for America Online.
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, dependence on advertising revenues, which are difficult to forecast, 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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