Viacom to Acquire SportsLine.com
Posted on August 27, 2004
Viacom Inc. and SportsLine.com, Inc. announced that they have signed a definitive agreement for SportsLine.com to merge with a subsidiary of Viacom. The merger is expected to be completed by the end of the year.
"This is a great opportunity for Viacom and CBS," said Leslie Moonves, Co-President and Co-Chief Operating Officer, Viacom Inc. "We've enjoyed a collaborative relationship with SportsLine dating back to 1997, and this acquisition complements our strategy of expanding Viacom's presence in what has become the fastest growing advertising sector."
"This transaction provides SportsLine with outstanding potential to grow as part of a multi-billion dollar global media company," said Michael Levy, Founder, Chairman and Chief Executive Officer of SportsLine.com. "We spent more than 10 years nurturing this company's growth from its formation, and going forward, we feel that this merger presents a great outcome for our shareholders, employees and users."
Viacom is a leading global media company, with preeminent positions in broadcast and cable television, radio, outdoor advertising, and online. Viacom's brands include CBS, MTV, Nickelodeon, Nick at Nite, VH1, BET, Paramount Pictures, Infinity Broadcasting, Viacom Outdoor, UPN, TV Land, Comedy Central, CMT: Country Music Television, Spike TV, Showtime, Blockbuster, and Simon & Schuster.
SportsLine.com is a media company providing internet sports content, community and ecommerce. SportsLine.com is the publisher of CBS SportsLine.com and the official websites of the NFL, PGA TOUR and NCAA Sports.