CBS SportsLine says its board of directors has approved a company stock-repurchase program of up to 6 million common shares, valued around $5.1 million based on the current share price. The sports media Web site said the shares may be purchased on the open market at prevailing market prices or in privately negotiated transactions. SportsLine CEO Michael Levy said a repurchase program will help the company break even next year.
Like many dot-coms, SportsLine has been injured by poor advertising sales and a wider economic slump. Earlier this year, it said it would cut its staff by 15 percent to 20 percent, and it lowered expectations for coming quarters. To diversify revenues, the company signed a cash-and-stock deal earlier this month to buy privately held Sandbox.com, which produces fantasy sports for the Web. The company said the acquisition will allow it to tap Sandbox's database of 5 million users as a means for direct marketing of products and services.