IAC’s Ticketmaster Acquiring TicketsNow.com For $265 Million
IAC/InterActiveCorp (NASDAQ:IACI)’s Ticketmaster stated yesterday that they would acquire TicketsNow for $265 million.Â TicketsNow is a website where consumers can buy tickets for events such as the NFL Playoffs, Hannah Montana, and musicals.
eBay also was rumored to be looking into the acquisition of TicketsNow.Â But eBay also recently acquired StubHub for $310 million.Â TicketsNow’s first round of funding was $8 million around the middle of 2006 from DFJ, Portage Venture Partners, and New World Ventures.Â Then the $8 million turned into equity as the company raised $35 million last year, led by Adam Street Partners.
As Ticketmaster’s contract with concert promotion company, Live Nation Inc. ended recently, Ticketmaster wanted to seek additional revenue streams.Â Live Nation is starting their own box office for ticket sales.Â Live Nation was a previous subsidiary of Clear Channel Communications.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry