RealTime IT News

EBay Tickets StubHub

EBay announced it has agreed to acquire privately held StubHub, a leading online marketplace for the resale of event tickets, for $310 million in cash.

The acquisition will enable EBay  to expand its presence and offerings in the online tickets segment.

The online auction powerhouse said in a statement it plans to let StubHub continue to scale its business with the e-commerce expertise and resources of EBay.

"StubHub has been extremely successful in the online tickets segment, and it's a perfect complement to EBay’s tickets business," Bill Cobb, president, eBay North America Marketplaces, said in statement.

"Together we can strengthen both businesses and provide fans with more choice and better service."

San Francisco-based StubHub was launched as an online marketplace for tickets in 2000. The company has partnered with sports teams in the NFL, NBA, NHL, leading NCAA athletic programs and media companies including AOL.

"StubHub's business model is an excellent fit with eBay, a company we've admired for a long time," said Jeff Fluhr, founder and CEO of StubHub.

"StubHub exists to serve passionate fans – and we feel great knowing our customers will benefit from the power of eBay and its community of users."

The acquisition is expected to close in the first quarter of 2007, assuming it passes the approval of regulators and StubHub stockholders.