Ticketmaster Online-CitySearch, Inc. (Nasdaq: TMCS) was up 1/2 at 15 3/4 early Tuesday after the company said it bought TicketWeb, Inc., a privately held ticketing company, for $35.2 million in stock.
Ticketmaster said it will issue more than two million shares, or about two percent of the total outstanding, to buy TicketWeb. The company will keep the TicketWeb brand, business model and staff as a separate unit.
TicketWeb has about 700 clients, including Six Flags Magic Mountain, The Bottom of the Hill in San Francisco, the San Diego Zoo and London’s Brixton Academy. “As a result of this combination, CitySearch can provide ticketing services for nearly any local activity, including those with reserved seating,” said Dan Marriott, Ticketmaster’s executive vice president of strategy and development.