Credit:
InterActiveCorp (IAC), the parent company of Ticketmaster, has purchased TicketsNow, a ticket marketplace for sporting events, concerts, and other entertainment. According to The Wall Street Journal, the purchase price is $265 million.
With IAC planning to spin-off Ticketmaster as its own public company later this year, they've been ramping up efforts to build the ticket resale business, which is a faster growing segment of the market compared to traditional ticket sales. Following deals with the NFL and NHL to offer centralized reselling sites for the respective leagues, the acquisition of TicketsNow quickly makes Ticketmaster a viable competitor to #1 ticket marketplace StubHub.