January 15, 2008

Ticketmaster Buys Major Reseller

In a bid to fend off competition on multiple fronts, IAC/InterActiveCorp's Ticketmaster has agreed to pay about $265 million for TicketsNow Inc., the country's second-largest Web site for reselling tickets to concerts and sports events, the companies said. The move is designed to let Ticketmaster and its clients tap the explosive growth of the so-called secondary ticket market, which is led by eBay Inc.'s StubHub site. The cash offer also comes after Ticketmaster's largest client, concert promoter Live Nation Inc., said it plans to stop doing business with Ticketmaster at the end of this year. (Wall Street Journal)