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eBay Bids $310 Million for StubHub

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Jan 11, 2007 

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Sarah Novotny  |

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eBay Bids $310 Million for StubHub

According to a Reuters report, online auction leader eBay will purchase sports ticket reseller StubHub for $310 million in cash, which will include StubHub’s net cash at the closing of the deal, expected to occur at the closing of the first quarter.

Specific details of the acquisition will be revealed at the fourth-quarter conference call, which is being held on January 24th. As one of the leading online resellers, StubHub has made more than $400 million in gross ticket sales. Founded in 2000, StubHub is a site where fans can purchase their sports tickets without facing the pitfalls that surround scalped tickets.

Once competitors, eBay and StubHub have now come under one umbrella, leaving IAC/InterActiveCorp’s Ticketmaster, Craigslist, and other ticket resellers as competition.

Bill Cobb, president, eBay North America Marketplaces said in an announcement, “StubHub has been extremely successful in the online tickets segment, and it’s a perfect complement to eBay’s tickets business”.

“The strategic merits are fairly obvious: eBay, while being one of the largest ticket resellers is not the best known in the market. The company is picking up the best known brand and solidifying its position as the dominant online market place,” stated Jordan Rohan, RBC Capital analyst.

StubHub boasts a safe and secure way for buyers and ticket sellers to make arrangements between one another. There is a money back guarantee for purchased tickets and tickets are delivered overnight with StubHub being the middleman.

Tags: acquisitions and eBay

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