Five million Youbet shares sold

A block of 5 million shares in Youbet.com, the online wagering company, was sold early Thursday, in what was most likely a move by Television Games Network to sell its entire stake in the company.

Youbet opened at $2.70 Thursday. After the sale, it reached $3.40, but then fell by day's end to $2.80. Volume was 7.5 million shares, compared with the average of 197,000.

TVG, owned by Gemstar-TV Guide Inc., owned just over 5 million shares in Youbet, approximately 20 percent of the company's outstanding shares.

TVG officials would not confirm or deny the sale Thursday.