ATLANTA, July 27 /PRNewswire/ -- Bull Run Corporation (Nasdaq: BULL) today
announced that the Company and its lenders have executed an amended and
restated bank credit facility, which includes an extension of the facility's
maturity date from December 17, 2001 to July 1, 2002. The facility provides
up to $119 million in available credit, adjusted for seasonal fluctuations in
the Company's business. The Company anticipates, and the credit facility
provides for, at least a $20 million reduction in term debt by December 2001.
Bull Run recently announced that its wholly owned subsidiary, Host
Communications, Inc. (Host), executed an 11-year agreement with CBS Sports for
certain marketing, licensing and media rights. Under the agreement, which
takes effect in September 2002, HCI was awarded, among other rights, the (a)
exclusive right to administer the National Collegiate Athletic Association
(NCAA) Corporate Partner Program; (b) exclusive right to produce, distribute
and sell NCAA Championship game programs and publications; (c) rights to
engage in merchandise licensing utilizing registered marks of the NCAA and its
championships; and (d) television rights for certain NCAA Championships that
will not be otherwise aired by CBS or ESPN, and other sports-related
television programming.
Host's contract with CBS will run concurrent with the network's agreement
with the NCAA, which begins with the fall academic calendar in 2002 and
extends through the spring championships season in 2013. This CBS/Host
agreement extends Host's relationship with the NCAA, which began in 1975 and
was otherwise scheduled to end in 2002.
Bull Run, through Host Communications, provides affinity, multimedia,
promotional and event management services support to universities, athletic
conferences, associations and corporations. Selected as one of the top five
sports marketing companies in the world by SportsBusiness Journal last year,
Host currently holds the multi-media athletics rights to 13 institutions and
six conferences that include Florida State, Kentucky, Michigan, Notre Dame,
Purdue, South Carolina, Tennessee, Texas and the Southeastern Conference, in
addition to its contractual relationship with the NCAA. Bull Run also has
significant investments in Gray Communications Systems, Inc., an owner and
operator of 13 television stations and four newspapers; Rawlings Sporting
Goods Company, Inc., a leading supplier of team sports equipment in North
America; iHigh Inc., a marketing company focused on high school students; and
Sarkes Tarzian, Inc., an owner and operator of two television stations and
four radio stations.
Forward-Looking Statements
Certain statements contained herein are forward-looking statements that
are made pursuant to the safe harbor provisions of the Private Litigation
Reform Act of 1995. Wherever used, the words "expect," "plan," "anticipate,"
"believe," "may" and similar expressions are intended to identify forward-
looking statements. Forward-looking statements involve known and unknown
risks and uncertainties, which may cause the Company's actual results in
future periods or plans for future periods to differ materially from what is
currently anticipated. Those risks include, among other things, those risks
set forth in the Company's Annual Report on Form 10-K and other reports and
documents filed with the Securities and Exchange Commission. The Company has
no obligation to publicly update or revise any forward-looking statements made
herein or elsewhere, whether as a result of new information, future events or
otherwise.
SOURCE Bull Run Corporation
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Related links:
http://www.bullruncorp.com
CONTACT:
Robert S. Prather, Jr., President & Chief
Executive Officer, +1-404-266-8333, or Frederick J. Erickson,
VP-Finance and Chief Financial Officer, +1-704-602-3107, both of
Bull Run Corporation
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