The Nasdaq-listed company will own 80% of Sports Line Europe, and its partners the remaining 20%. The Financial Times reported that the new venture will produce new web sites focussed on sports more popular in Europe like soccer, motor racing, rugby and cricket. Said SportsLine president and chief executive, Michael Levy: "We felt there was an opportunity to cerate the leading internet site in Europe. We have the right partners in place." CBS owns 18% of SportsLine's equity, and SportsLine will also be looking for partners in both the print and broadcast media in each country involved. The service will be launched first in the UK, then to France, Sweden, Germany, Italy and the Netherlands.
SportsLine's shares leapt by 39% on the first days trading after the announcement
