Insight Into March Madness
The "Insight.com $1 Million Challenge" will offer prizes to contestants who correctly pick winners in the NCAA playoff series on the FANSonly Network, a Web site dedicated to college sports. A contestant who correctly forecasts the entire 63-game tournament would win $1 million. Computer merchandise will be awarded as consolation prizes if no one wins the grand prize.
Insight and FANSonly will promote the contest jointly on their respective Web sites (www.insight.com and www.fansonly.com) and print and electronic media, including the USA Today, CBS SportsLine and Yahoo sites. Insight also will distribute e-postcards to its customer database and FANSonly will tap into its database of past contestants and other college-sports fans.
The contest was scheduled to begin March 7 after the announcement of the team pairings for the first round, and the winners will be determined on or near April 2.
In other news, Insight said it received a $100 million secured credit facility from Deutsche Financial Services. The company said that the funds, which are in addition to an existing $70 million facility, also through DFS, were to be used "to support new business opportunities and for general working capital purposes."