The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
Multi-channel ticket seller behemoth Ticketmaster plans to expand its ticket resale business, making a deal to acquire TicketsNow, a major web-only player in the secondary ticket market for music, sports and other live entertainment events.
Multi-channel ticket seller behemoth Ticketmaster plans to expand its ticket resale business, having entered into a definitive agreement to acquire TicketsNow, a major web-only player in the secondary ticket market for music, sports and other live entertainment events.
Ticketmaster will create an integrated platform on which event ticket buyers will be able to review and compare ticket availability and pricing in the primary, premium and resale categories. Building on its existing TicketExchange resale marketplace and partnerships with the National Football League, National Hockey League and National Basketball Association, Ticketmaster and TicketsNow will work closely with venue, promoter, team and other live entertainment clients to offer ticket validation and electronic ticket delivery to fans purchasing in the resale marketplace, Ticketmaster says.
“Fans have embraced ticket resale, and the combination of Ticketmaster and TicketsNow will allow us to provide a more reliable and efficient resale experience,” says Sean Moriarty, president and CEO of Ticketmaster. “We are confident that combining TicketsNow’s strong resale network with our audience and distribution capabilities will enable us to set a new standard in the resale category.”
The acquisition is subject to customary regulatory review. Ticketmaster expects the transaction to close by the end of the first quarter. Upon closing, TicketsNow will continue to operate from its Rolling Meadows, IL, and Crystal Lake, IL, locations. Cheryl Rosner will continue as CEO of TicketsNow, and the company’s management team is expected to remain in place.
“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,” Rosner says. “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.”
Ticketmaster is owned by IAC/Interactive Corp., which is No. 26 in the Internet Retailer Top 500 Guide.