Comcast Buying Fandango - TheStreet

Comcast Buying Fandango

It cites plans to launch a new entertainment site.
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Comcast (CMCSA) - Get Report agreed to acquire movie information-and-ticketing site Fandango.

Terms weren't disclosed, but Philadelphia-based Comcast said it plans to launch Fancast.com, which it called "a new national online destination that will enable consumers to search, discover, manage and enjoy their entertainment experience across many devices and channels, including television, computers, DVDs and wireless services."

Fandango's major investors include Accretive Technology Partners, Technology Crossover Ventures and the nation's leading theater chains. Banc of America Securities acted as financial adviser to Fandango in connection with this transaction, which is expected to close in the second quarter.

"Fandango is one of the strongest entertainment brands online as well as a dynamic, profitable business with a superb management team and rapidly growing advertising revenue," said Amy Banse, president of Comcast Interactive Media. "Adding Fandango to Comcast Interactive Media and creating Fancast.com will enable us to leverage our combined assets to offer consumers an outstanding entertainment experience."

Comcast surged 78 cents Wednesday to $27.49.