IAC's Ticketmaster (IACI) Buys TicketsNow For $265 Million
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Interactive Corp's (NYSE: IACI) Ticketmaster bought TicketsNow, the country's second-largest site for reselling sports and concert tickets, for $265 million. This means Ticketmaster will now compete head on with eBay-owned StubHub.
Ticketmaster CEO Sean Moriarty said the company plans to share revenues from its new division with clients that own venues or promote events, something which doesn't happen with rival reseller services StubHub and Razorgator, where sites like Ticketmaster never earned a dime.
"TicketsNow is one of the most visited and trusted ticket resale websites and offers fans an outstanding selection of premium event tickets," said Cheryl Rosner, CEO of TicketsNow. "We have built our business by providing great service and technology to the broker community and by ensuring the quality of resellers in our marketplace. Combining with Ticketmaster will enable us to offer our partners a more compelling marketplace and provide even higher levels of service and security to fans of live entertainment."
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