RealTime IT News

Now That's the Ticket

Starting off the new year with a new investment, online movie ticketing company Fandango cut right to the chase with a new $15.3 million investment from Palo Alto, Calif.-based Technology Crossover Ventures.

Santa Monica, Calif.-based Fandango, which recently did a marketing deal with retail operation Buy.com and e-commerce outsourcer United Commerce Service, also said that Technology Crossover founding general partner, Jay Hoag, has been named to its board of directors.

The privately held ticket company will use the money to extend alliances with studios and exhibitors and expand services such as print-at-home ticketing, priority seating and express concessions at the theater.

Fandango.com CEO Art Levitt was quoted as saying that the company is debt- free and is generating "sustainable, positive cash flow."

Fandango, which competes with AOL's Moviefone, also has investments from Accretive Technology Partners, General Atlantic Partners and many of those in Fandango's exhibitor partner/owner group, including Carmike Theatres, Century Theatres, Cinemark Theatres, Edwards Theatres, Loews-Cineplex Entertainment and Regal Cinemas.

Technology Crossover Ventures is a $2.5 billion fund that invests in technology companies.