Business

Ticketmaster agrees to buy TicketsNow

Posted January 14, 2008 10:00 pm

Bloomberg News

Ticketmaster, the largest U.S. seller of sports and concert tickets, agreed to buy Rolling Meadows-based TicketsNow, an online ticket reseller, to compete with EBay Inc.'s StubHub.

The unit of Barry Diller's IAC/InterActiveCorp said the purchase of the reseller of music, sports and entertainment tickets is expected to close by the end of the first quarter. Terms of the deal weren't disclosed, West Hollywood, California- based Ticketmaster said today in a statement.

It's the latest move by Ticketmaster in the ticket- reselling market. On Dec. 18, it agreed to resell customers' National Football League tickets on the Internet. The IAC company wants to expand its TicketExchange resale division to compete with StubHub.

IAC fell 48 cents, or 2 percent, to $23.92 at 9:50 a.m. in Nasdaq Stock Market composite trading. The shares dropped 28 percent last year.

TicketsNow.com was launched in 1999 by Mike Domek in his one-bedroom apartment in Woodstock. Domek today is chairman of the company.

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