E-Commerce Firm, eBay, to Acquire Online Tickets Marketplace |
E-commerce company, eBay, has agreed to acquire privately held online marketplace for the resale of event tickets, StubHub, which is hoped to expand eBay’s online ticket presence, while allowing StubHub to continue its business with eBay’s resources.
Bill Cobb, President of eBay North America Marketplaces offered, “StubHub has been extremely successful in the online tickets segment, and it’s a perfect complement to eBay’s tickets business. Together we can strengthen both businesses and provide fans with more choice and better service.”
eBay has agreed to purchase StubHub for an estimated aggregate value of approximately $310M, which will include the company’s net cash as of the closing. The final amount will be determined at closing based on a formula and be payable in cash. The acquisition, which is subject to regulatory approval and approval of StubHub’s stockholders, among other conditions, is expected to close in the first quarter of 2007.
Jeff Fluhr, Founder and CEO of StubHub added, “StubHub’s business model is an excellent fit with eBay, a company we’ve admired for a long time. StubHub exists to serve passionate fans – and we feel great knowing our customers will benefit from the power of eBay and its community of users.”
Launched in 2000 and based in San Francisco, StubHub is the fan’s marketplace where transparency and fairness benefit buyers and sellers alike.
StubHub is the fan’s ticket marketplace, enabling customers to buy and sell tickets at fair market value to a vast selection of sporting, concert, theater and other live entertainment events, even those that are “sold out.” The company’s unique open marketplace, dedicated solely to tickets, provides all fans the choice to buy or sell their tickets in a safe, convenient, and highly reliable environment. All transactions are processed and delivered via StubHub’s patent-pending FanNetworkSM ticket delivery service, supported by seven-day toll free customer service, and backed by the industry-first FanProtectSM Guarantee. Company partners include sports teams in the NFL, NBA, NHL, leading NCAA athletic programs and media companies including AOL. StubHub is headquartered in San Francisco.
Founded in 1995, eBay created a platform for the sale of goods and services by a passionate community of individuals and businesses. On any given day, there are millions of items across thousands of categories for sale on eBay. eBay enables trade on a local, national and international basis with customized sites in markets around the world. Through an array of services, such as its payment solution provider PayPal, eBay is enabling global e-commerce for an ever-growing online community.
For more information about eBay, please visit: www.ebay.com.
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Tags: - B2C, B2C, e-commerce, ebay, ebay online, marketplaces, Online auctions, Online auctionsRelated entries
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