SportsLine USA to Buy SportsWeb, Form SportsLine Europe
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In a major shake-up of European Web sports media, SportsLine USA is to purchase SportsWeb from Reuters, while forming a new subsidiary called SportsLine Europe.
The American company, which already publishes Soccernet, GolfWeb and the highly popular cricket site CricInfo, will own approximately 80 percent of the new company, with Intel, MediaOne Ventures and Reuters taking minority interests.
SportsWeb, one of Europe's leading sports sites on the Internet, will now be integrated into the SportsLine network. The new SportsLine Europe will open during the summer of this year.
"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.
"An early supporter and current 7 percent shareholder of SportsLine USA, we expect them to become equally if not more successful in the European sports market," added Tom Cullen, president of MediaOne Ventures.
Intel welcomed the deal by noting that the explosive growth of the Internet in Europe is being fuelled by the provision of wide-ranging content such as that coming soon from SportsLine Europe.