USA Networks Invests $40 Million in Ticketmaster Online-CitySearch
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The investment will increase Ticketmaster Online-CitySearch's available cash to approximately $93 million, the company said, and will be used to continue its program of strategic investments and acquisitions.
The investment increases USA Networks' stake in the company to approximately 52 percent from 51 percent.
In the first eleven months of 1999, Ticketmaster Online-CitySearch has acquired Microsoft's Sidewalk City Guides, Match.Com and One and Only Network in the online personals market, and CityAuction, an online local auction site.
"We believe that many years from now, one of the companies that will be standing Internet-tall will be Ticketmaster Online-CitySearch," said Barry Diller, chairman and CEO of USA Networks Inc.
"We believe that people will be using the local guide to get information and to get services in ever increasing amounts," "We will continue to invest in building these services."
The purchase price per share of approximately $30.71 represents the average Ticketmaster Online-CitySearch closing share price over the previous five trading days, the company said.