W. HOLLYWOOD, Calif. and ROLLING MEADOWS, Ill., Jan. 15 /PRNewswire/ -- Ticketmaster, the world's leading ticketing company and an operating business of IAC (Nasdaq: IACI), today announced a major expansion of its ticket resale business by entering into a definitive agreement to acquire TicketsNow, the leading independent Web-based marketplace for music, sports and other live entertainment event tickets. The acquisition will make Ticketmaster a leading company in the resale category.
Ticketmaster will create an integrated platform on which fans will be able to simultaneously review and compare ticket availability and pricing in the primary, premium and resale categories. Building upon its existing TicketExchange resale marketplaces and partnerships with the NFL, NHL and NBA, Ticketmaster will work closely with its venue, promoter, team and other live entertainment clients to offer ticket validation and electronic ticket delivery to fans purchasing in the resale marketplace.
"Fans have embraced ticket resale, and the combination of Ticketmaster and TicketsNow will allow us to provide a safer, more reliable and efficient resale experience," said Sean Moriarty, President and CEO of Ticketmaster. "We are confident that combining TicketsNow's strong resale network with our audience and distribution capabilities will enable us to set a new standard in the resale category."
Launched in 1999 and based in Rolling Meadows, Illinois, TicketsNow works with more than 800 professional ticket resellers that are vetted to ensure the highest levels of accountability and integrity.
"TicketsNow is one of the most visited and trusted ticket resale websites and offers fans an outstanding selection of premium event tickets," said Cheryl Rosner, CEO of TicketsNow. "We have built our business by providing great service and technology to the broker community and by ensuring the quality of resellers in our marketplace. Combining with Ticketmaster will enable us to offer our partners a more compelling marketplace and provide even higher levels of service and security to fans of live entertainment."
The acquisition is subject to customary regulatory review, and Ticketmaster expects the transaction to close by the end of the first quarter. Upon closing, TicketsNow will continue to operate from its Rolling Meadows and Crystal Lake, IL locations. Cheryl Rosner will continue as CEO, and the company's current management team is expected to remain in place.
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