Geeknet terminates a purchase agreement with Hot Topic and accepts a $20 per share bid by GameStop.
Sports greats John Elway, Michael Jordan and Wayne Gretzky have teamed up to launch an Internet site that will offer expert advice from top athletes and sell goods for sports, outdoor and fitness enthusiasts.
Their new company, MVP.com, also announced an alliance with CBS Corp. that will trade $85 million in advertising and promotions over four years for an equity stake. In a related deal, MVP.com will acquire and operate the online retail business of SportsLine.com, publisher of CBS Sportsline. The companies have entered an exclusive 10-year, $120 million marketing arrangement, and SportsLine.com also will have an interest in MVP.com.
"The opportunity to become a founding owner and give real input and advice are what attracted me to this new venture," says Jordan. "The ability to combine my knowledge of sporting goods and equipment with the new medium of the Internet made this an exciting and natural fit for me."
MVP.com will launch in January 2000 and will be based in Chicago.