Softbank, a Tokyo technology and media conglomerate, will acquire 6.15 million shares of Global Sports at $13 each, a 31 per cent discount to Global Sports' closing price of $18.875 on the Nasdaq Stock Market Thursday.The companies expect to close the purchase in July. Softbank is an active investor in Internet ventures; it was an early backer of Yahoo! Inc, E*Trade Group Inc, Buy.com and E-Loan Inc.

Global Sports, King of Prussia, Pa, said it hired Deutsche Bank Alex Brown to help it sell assets not focused on its Internet business, which it plans to develop. The company said it will use proceeds from the Softbank sale for investment spending in its Global Sports Interactive unit.

Global Sports said it plans to change its name before launching new six Web sites in the fourth quarter as part of its focuson the electronic commerce business. Global Sports said it also expects to report operating losses for its Internet business in the ``foreseeable future.''

The company plans to account for the results of units sold to Softbank as discontinued operations, beginning in the second quarter.

Global Sports earned $424,971, or three cents a diluted share, including a start-up charge of five cents from Global Sports Interactive, on sales of $33.7 million for the first quarter.

The Wall Street Journal