CBS Sportsline Covers theglobe.com
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Online sports resource SportsLine.com, Inc. Wednesday joined forces with community site theglobe.com Inc. in a multi-year deal to co-develop content and cross promote services on CBS Sportsline and theglobe.com.
SportsLine.com (SPLN) will receive a minimum guarantee of $5 million payable in theglobe.com (TGLO) stock representing approximately 3 percent of outstanding shares in theglobe.com stock, in exchange for prominent integration and extensive promotion of the enhanced community throughout the CBS SportsLine site and inclusion in CBS SportsLine's Rewards Program.
Additionally, theglobe.com will have exclusive rights to sell advertising, sponsorships and non sports-related e-commerce within CBS SportsLine's community. SportsLine.com will also have the opportunity to receive additional payments in stock or cash, contingent upon the achievement of certain performance milestones.
In terms of content, theglobe.com will co-brand and customize its community services including e-mail clubs, home page building tools and message boards for CBS SportsLine and its fantasy sports service, Commissioner.com. The partnership is set to begin with CBS SportsLine's coverage of the Major League Baseball season, which starts in early April.
"We strongly believe that our strategic partnership with theglobe.com will enable us to foster deeper relationships with our users, resulting in more frequent and longer visits to our site and substantial incremental value to both our consumers and shareholders," stated Michael Levy, founder and chief executive officer of SportsLine.com.