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.
Additionally, the Company has made or announced a number of strategic
investments in companies including ActiveUSA.com (participatory sports event
registration and information), foodline.com (online restaurant reservations)
and FairMarket Inc. (online auction network).
“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.