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Tuesday, November 21, 2000

A TALE OF TWO TICKETMASTERS

It Is The Best Of Mergers,
It Is The Worst Of Mergers
Ticketmaster Online-Citysearch Inc. announced on Tuesday (11/21) that it would buy Ticketmaster Corp. from USA Networks Inc. The move had been expected for about a month (hitsdailydouble.com, 10/25).

The two companies had been separated two years ago, according to USA Network Chairman and CEO Barry Diller, in order to "grow the online business."

USA will receive 52 million Ticketmaster Online Class B shares in exchange for its wholly owned subsidiary. USA's equity in the merged company will be 68%.

Just so there's no confusion, the merged company will be called Ticketmaster.

Diller will become co-chairman of the merged Ticketmaster, joined by Terry Barnes, currently chairman and CEO of Ticketmaster Corp. John Pleasants, president and CEO of Ticketmaster Online, will become CEO of the merged company. Larry Jacobson, president of Ticketmaster Corp., will become president and COO.

The new Ticketmaster will have a customer database of over 20 million and will process over 80 million tickets annually through 3,430 ticketing outlets and 16 call centers in more than 80 cities and via eight primary Web sites.

 
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