So Viacom was sick of playing the hide and seek game: it has bought out the rest of Sportsline, in a $46 million deal–$1.75 a share cash–set to close by year-end.
Viacom, which currently holds a 38 percent interest in Sportsline, announced plans for the buyout early last month, but SPLN’s shareholders filed a lawsuit shortly afterward, challenging the bid’s original price of $1.50 a share. More details in press release…
Miami Herald: CEO Michael Levy will remain with SportsLine through the closing, slated to occur by the end of the year. After that, he said he’ll stay on as long as Viacom wants.
Update: the companies file 8-K with SEC…the details on merger…
Related:
– Holders Challenge Viacom Offer To Buy Out SportsLine
– Viacom Offers to Buy Sportsline.com
– Dis*Content: What’s There To Buy in Sportsline?
– SportsLine Hires Advisor to Explore “Alternatives”
– SportsLine.com To Explore Strategic Alternatives
– Sportsline Faces Uncertain Future Under Viacom Ownership
– Sportsline’s Q1 Results
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