SportsLine.com reports Viacom bid
The online sports news company receives an acquisition proposal from Viacom, its largest customer.
SportsLine.com, an online sports news company, said Thursday that it received an acquisition proposal from Viacom, its largest customer. SportsLine, in which Viacom already holds a 38 percent stake, publishes the CBS SportsLine site for the media giant's television subsidiary, CBS. Viacom offered $1.50 for each share of SportsLine stock it does not already control.
SportsLine said it will amend its contract for operating CBS SportsLine, deferring until August a payment of cash and stock that it was due to give CBS this month. The companies said they will adjust the value of that payment to reflect the impact of the acquisition bid on SportsLine's share price. SportsLine said that figure would be determined based on the closing price of its common stock for the five-day period that ended Wednesday. The company's shares closed at just over $1 on Wednesday.