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BUSINESS BRIEFS.(TO THE POINT)

Investor's Business Daily

| July 02, 2004 | COPYRIGHT 2004 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

MEDIA

Time seen making bid for MGM

Time Warner made a bid valued at about $3 bil for the movie studio, challenging Sony's $3 bil bid, according to published reports. Time Warner is offering $13 a share for public shareholders, plus assuming nearly $2 bil in debt. Sony, whose exclusive 15-day negotiation period expired in May, hasn't been able to close the deal due to a snag with its financial partners on financing terms for the $1.5 bil it needs. MGM rose 4.5% to 12.66.

** Sony Pictures Entertainment said "Spider-Man 2" set a box office record with $40.5 mil on opening day. Sony rose 0.5% to 38.26.

Viacom eyes sports firm's stock

The media firm, which currently owns 38% of SportsLine.com's common stock, is seeking to acquire the common stock it doesn't already own for $1.50 a share in cash. SportsLine had 42.8 mil shares outstanding in Q1; the deal is worth $39.8 mil, a 39% premium over the Internet sports media firm's closing price on Wed. SportsLine.com said it will ...

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