Sporting News weighs takeover offers

The Sporting News, a media company owned by Microsoft Corp. co-founder Paul Allen, said Tuesday it was weighing takeover offers from various financial and strategic companies.

The company said it asked its long-time adviser, media investment bank Allen & Company, to help it evaluate options that would “best extend the company’s growth.” Allen & Co. is unrelated to Sporting News’ owner.

The Sporting News, which runs a 120-year-old magazine, Internet site and radio network, and publishes specialty sports books, did not name any of the suitors.

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Allen acquired the company from Times Mirror Co. for more than $100 million six years ago, according to a report in The New York Times.

The Sporting News Chief Executive C. Richard Allen told the newspaper that the company would fetch “in the hundreds of millions” of dollars if sold. The company is unprofitable, but has revenues of $60 million a year, The New York Times said.

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Last month, Sporting News had agreed to a $7.2 million settlement of claims it promoted illegal gambling. As part of that settlement, the company also agreed to conduct a three-year public service advertising campaign on illegal commercial Internet and phone gambling, which was valued at $3 million.

The government had said that the company received fees for advertising in print, on the Internet and over the radio and knew the money came from illegal gambling proceeds.