TICKETMASTER ONLINE BUYS RIVAL TICKETWEB
Ticketmaster Online-City Search, Inc. said Tuesday it had bought privately-held TicketWeb Inc. in an all-stock deal valued at $35.2 million, expanding CitySearch's move into ticketing for local events.
Ticketmaster, which—in addition to its terrestrial concerns—operates the Ticketmaster.com Website and CitySearch network of local city guides, will issue more thantwo million shares, representing about 2% of its outstanding stock, in the transaction.
Berkeley, CA-based TicketWeb becomes a wholly owned subsidiary of Ticketmaster, which is majority-owned by USA Networks Inc.
Earlier this year, CitySearch kicked-off its entry into ticketing for small and medium facilities with its acquisition of museum and cultural events ticketer 2b Technologies Inc.
In a related story, Pearl Jam were advised not to comment.
