Merger To Form Ticketing Giant - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Merger To Form Ticketing Giant

Cable TV company USA Networks Inc. plans to merge its Ticketmaster subsidiary with Ticketmaster Online-CitySearch, recombining the subsidiary's phone and retail channels with the spin-off's massive Web presence.

"The Ticketmaster franchise is one that lends itself to significant growth opportunities both domestically and abroad, and getting all of the assets under one roof will put us in a position to capture all of those opportunities," says Tom McInerney, CFO of Ticketmaster Online-CitySearch.

Ticketmaster, the world's leading offline ticketing company, spun off its online operations in August 1998 when it merged with CitySearch, forming Ticketmaster Online-CitySearch (TMCS). Today, it's one of the largest E-commerce companies on the Internet, combining its ticketing business with CitySearch, an online local information and services network, and Match, an online personals company.

By selling Ticketmaster Corp. to TMCS in exchange for 52 million TMCS class B shares, USA will have a 68% stake in the new ticketing company, which will be known simply as Ticketmaster. The deal is valued at $556 million based on Tuesday's stock closing price of $10.86. The merger also brings a number of personnel changes: John Pleasance, CEO of TMCS, will hold the same position in the new company; Terry Barnes, CEO of Ticketmaster, will become co-chairman of the new company, along with Barry Diller, CEO of USA Networks.

Analysts believe the merger will improve business. Says Erin Dailey, an analyst with RedChip.com, "It brings together two strong companies and two brand names."

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of IT & Cybersecurity Operations 2020
The State of IT & Cybersecurity Operations 2020
Download this report from InformationWeek, in partnership with Dark Reading, to learn more about how today's IT operations teams work with cybersecurity operations, what technologies they are using, and how they communicate and share responsibility--or create risk by failing to do so. Get it now!
Slideshows
IT Careers: 10 Industries with Job Openings Right Now
Cynthia Harvey, Freelance Journalist, InformationWeek,  5/27/2020
Commentary
How 5G Rollout May Benefit Businesses More than Consumers
Joao-Pierre S. Ruth, Senior Writer,  5/21/2020
News
IT Leadership in Education: Getting Online School Right
Jessica Davis, Senior Editor, Enterprise Apps,  5/20/2020
Register for InformationWeek Newsletters
Video
Current Issue
Key to Cloud Success: The Right Management
This IT Trend highlights some of the steps IT teams can take to keep their cloud environments running in a safe, efficient manner.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll