MARKC for you inre SPLN
Tuesday May 11, 9:34 am Eastern Time
Company Press Release
SportsLine USA, Inc. Establishes SportsLine Europe Limited to Create Major Force in European Online Sports
Subsidiary formed with funding from Intel, MediaOne Ventures and Reuters to Provide Localized European Sports Coverage
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 11, 1999-- SportsLine Acquires SportsWeb from Reuters
SportsLine USA, Inc. (Nasdaq:SPLN - news) today announced that it has formed a new subsidiary, SportsLine Europe Limited, which will provide content, community and e-commerce to sports enthusiasts throughout Europe. SportsLine USA will own approximately 80% of SportsLine Europe, and Intel Corporation, MediaOne Ventures, a division of MediaOne Group (NYSE:UMG - news), and Reuters (NASDAQ:RTRSY - news) have acquired minority interests in the new entity. Separately, SportsLine Europe has agreed to acquire sportsweb.com, one of Europe's leading sports Web sites, from Reuters. SportsLine Europe will incorporate sportsweb.com into its network of sites. SportsLine Europe will launch during the summer of 1999 as a premier sports media company focused on becoming a dominant force in European online sports.
SportsLine Europe will benefit from the resources and experience of SportsLine USA, the publisher of some of the world's most popular sports Web sites, including CBS SportsLine (http://cbs.sportsline.com), Soccernet (www.soccernet.com), GolfWeb (www.golfweb.com) and CricInfo (www.cricinfo.org) to produce new sports Web sites focused on such popular European sports as soccer, motor sports racing, rugby, cricket and the NFL Europe League. SportsLine Europe will be headquartered in London and anticipates that it will establish local editorial bureaus throughout Europe. SportsLine Europe's strategy is to bring focused coverage of European sports to a local audience as well as to displaced fans around the world.
''We've already set a standard for global sports coverage with Soccernet and CricInfo, which generate a significant worldwide following,'' said Michael Levy, president and CEO of SportsLine USA and chairman of SportsLine Europe. ''Now, with the investment support of Intel, Media One Ventures, and Reuters we have an opportunity to extend the SportsLine brand around the world, by launching a family of European sports Web sites with a local focus.''
''We wanted to work with companies who have a strong European presence as we launch SportsLine Europe because the venture will benefit from their expertise,'' said Levy. ''Reuters brings world-class editorial reputation, Intel has proven itself in Internet and broadband technology, and MediaOne Ventures is one of Europe's leading broadband providers, with approximately three million subscribers in the U.K., Belgium and Czech Republic.''
SportsLine Europe will benefit from SportsLine USA's global reach, its technology and e-commerce platforms, its success in developing news gathering operations and its global sales force. SportsLine USA's advertising sales staff has already been successful selling world-wide events such as the 1998 Winter Olympics and World Cup advertising that together garnered in excess of three million dollars in 1998.
Tim Keating, marketing director, Developer Relations Group, Intel EMEA, said, ''New content providers like SportsLine Europe are widening the scope and breadth of content which is helping to fuel explosive Internet growth in Europe.''
''MediaOne Ventures is very excited to be a part of SportsLine Europe and believe that SportsLine USA's accomplishments in the United States and established skills in sports news, information publishing and e-commerce are a strong indicator of future successes,'' said Tom Cullen, president of MediaOne Ventures. ''An early supporter and current 7% shareholder of SportsLine USA, we expect them to become equally, if not more successful, in the European sports market.''
John Taysom, Reuters director of new business development, commented ''Reuters has enjoyed a strong strategic relationship with SportsLine USA. We are excited to support SportsLine USA in their new European venture.''
About SportsLine USA, Inc.
SportsLine USA, Inc. (Nasdaq:SPLN - news) is a leading Internet-based sports media company that provides branded, interactive information and programming as well as merchandise to sports enthusiasts worldwide. The publisher of CBS SportsLine (http://cbs.sportsline.com), SportsLine USA's content includes more than 400,000 pages of multimedia sports information, entertainment and merchandise, covering all major professional, collegiate and international sports with exclusive content from sports teams, organizations and superstars such as Michael Jordan, Tiger Woods and Shaquille O'Neal. The Sports Store (www.TheSportsStore.com) is SportsLine USA's electronic commerce arena offering a unique collection of sports-related merchandise, memorabilia and licensed products. In 1998, the Company acquired two golf-related properties, GolfWeb (www.golfweb.com) the Internet's premier golf site, and International Golf Outlet (www.igogolf.com), a leading Internet retailer of fine golf products and equipment. SportsLine USA was founded in 1994, and its flagship Internet sports service was renamed CBS SportsLine in March of 1997 as part of an exclusive five-year promotional and content agreement with CBS Corporation, which has been extended through 2006.
Note: This press release contains forward-looking statements, which involve risks and uncertainties. SportsLine USA'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 USA's Securities and Exchange Commission filings, including those discussed under the caption ''Risk Factors That May Affect Future Results'' in SportsLine USA's latest Annual Report on Form 10-K. SportsLine USA 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.
|
