May 21, 2004 11:40 AM PDT

SportsLine up for sale?

By Jim Hu
Staff Writer, CNET News

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SportsLine.com on Thursday said it has hired an investment bank Perseus Group to explore "strategic alternatives" that could lead to the sale of its business. The company has been losing money and owes payments to CBS parent company Viacom, which runs a co-branded site with the company.

"The board of directors believes that SportsLine's recent share price is not reflective of the company's true value, relative to our operating performance and others in our peer group," Michael Levy, chairman and CEO of SportsLine, said in a statement. "We believe that Perseus Group will provide valuable assistance in evaluating strategic alternatives in a variety of areas, including our future Viacom commitments."

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