Viacom Agrees to Acquire SportsLine.com

Aug 2, 2004  •  Post A Comment

Viacom on Monday sweetened its takeover bid for online sports Web site SportsLine.com, agreeing to pay $1.75 a share, or $47 million, for the 62 percent of the company it didn’t already own.

A 13 percent premium over SportsLine’s Friday close of $1.55 a share, the new price is also higher than Viacom’s previous bid of $1.50 a share. The deal is expected to close by year-end.

For Viacom, full control of SportsLine, which operates the Web site CBS SportsLine as well as proprietary Web sites for the National Football League and the Professional Golf Association Tour, will enable the media giant to take advantage of a growing online advertising business, said Viacom co-President and co-Chief Operating Officer Leslie Moonves.

–Jay Sherman