SPORTS MEDIA INC. ACQUIRES PROFESSIONAL TEAM PUBLICATIONS INC.
NEW YORK, Nov. 24 ~PRNewswire~ -- Sports Media Inc. (NASDAQ: SPTS) announced today that it has entered into an agreement to purchase the business and assets of Professional Team Publications Inc. for 500,000 shares of Sports Media Inc. common stock with a market value of approximately $2.2 million. It is expected that the business of Professional Team Publications will be operated as a division of Sports Media. Professional Team Professional Inc., located in Westport, Conn., publishes and distributes professional team yearbooks and other sports publications for more than 20 teams and organizations and distributes for several others. These include various Major League Baseball (MLB), National Basketball Association (NBA) and National Football League (NFL) teams, as well as publications licensed by the U.S. Olympic Committee and World Cup Golf. Jeffrey S. Butler, chairman of Sports Media, stated, "This transaction represents a major opportunity for Sports Media to acquire the rights to its first Major League Baseball products." Sports Media Inc. produces yearbooks, magazines and other sports publishing merchandise for NFL, NHL, NBA teams and organizations. -0- 11~24~92 ~CONTACT: Jeffrey S. Butler, chairman of Sports Media, 212-308-6666; or Janice A. Jones, investor relations of Chartwell & Co., 310-205-3888, for Sports Media~ (SPTS)
CO: Sports Media Inc.; Professional Team Publications Inc. ST: New York, Connecticut IN: PUB SU: TNM
JL-LS -- LA007 -- 0877 11~24~92 08:15 EST
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|Date:||Nov 24, 1992|
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