Ticketmaster Online to Acquire Ticketmaster Corp.
Ticketmaster Online-Citysearch
(TMCS)
agreed to acquire
Ticketmaster
, a unit of
USA Networks
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, for 52 million Class B shares.
Shares of Ticketmaster Online closed Monday at $12.50, which would value the transaction at about $650 million. Ticketmaster Online recently climbed 69 cents, or 5.5%, to $13.19 in early
Nasdaq
trading.
The companies expect to complete the transaction in the first quarter of 2001. USA Networks will hold a 68% equity stake in the merged company. USA owns a 49% interest in Ticketmaster Online-Citysearch.
Terry Barnes, the chairman and chief executive of Ticketmaster, will become co-chairman with Barry Diller, the chairman and CEO of USA Networks. John Pleasants, the president and CEO of Ticketmaster Online, will become CEO of the new company. Larry Jacobson, the president of Ticketmaster, will be president and chief operating officer of the new company.
