Under the terms of the new agreement, SportsLine.com will no longer receive promotion from AOL, but SportsLine will continue to provide certain programming services for the AOL Sports Channel for up to 13 months.
Also, SportsLine will provide fantasy sports game products to AOL on a private label basis, including fantasy games relating to professional football, baseball, basketball, hockey, golf and auto racing.
In connection with the termination of the existing agreement, America Online will refund to SportsLine.com approximately 1.7 million shares of common stock, which will be retired and cancelled.
In addition, SportsLine.com has been relieved from its obligation in 2003 to pay an additional $1m in cash and/or stock to AOL.
Said Michael Levy, founder and CEO for SportsLine.com: "We've enjoyed a long, mutually successful relationship with AOL.
“The billions of impressions we received from AOL over the years were significant in helping us to achieve our objectives of building sustainable traffic for CBS SportsLine.com and to create a great brand that is recognisable virtually everywhere.
“These transactions will enable SportsLine.com to redirect its marketing efforts in light of the company's increased focus on promoting its subscription products."
SportsLine began its relationship with AOL in July 1997, when CBS SportsLine.com became an anchor tenant in the AOL Sports Channel.
SportsLine.com and AOL continue to be part of four-way partnership, along with CBS and the NFL, which encompasses wide-ranging technology-based media initiatives, including SportsLine.com's production and hosting of NFL.com and SuperBowl.com.
