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SportsLine to Offer 4.0 Million Shares

SportsLine USA Inc. said it filed a registration statement with the Securities and Exchange Commission in connection with a public offering of four million shares of its common stock.

The company said that 2,275,430 shares are being offered by SportsLine USA, and 1,724,570 shares are being offered by selling shareholders, according to Reuters.

The offering is being conducted by an underwriting group led by BancAmerica Robertson Stephens, NationsBanc Montgomery Securities, PaineWebber Inc., and Salomon Smith Barney.

SportsLine said proceeds from the offering will be used for general corporate purposes, including expansion of the company's marketing and advertising sales efforts, content development and licensing, international expansion, and capital expenditures.

Also SportsLine may use a portion of the net proceeds to acquire or invest in complementary businesses, products, and technologies, the company said in a statement.