EBay Sells Ticket Selling Giant StubHub To Viagogo For $4B In Cash

StubHub, a ticket marketplace featuring 10 million live sports, music and theatre events in more than 40 countries, has been sold by eBay to smaller ticketing rival Viagogo for $4.05 billion in cash.

The deal is expected to close by the end of the first quarter of 2020. It brings together two top players in the secondary market for entertainment and sports tickets.

“We believe this transaction is a great outcome and maximizes long-term value for eBay shareholders,” interim eBay CEO Scott Schenkel said. “Over the past several months, eBay ‘s leadership team and Board of Directors have been engaged in a thorough review of our current strategies and portfolio, and we concluded that this was the best path forward for both eBay and StubHub. We firmly believe in the StubHub business and we are excited about its future growth potential with Viagogo as its owner.”

Eric Baker, Viagogo’s founder and CEO, also co-founded StubHub while in business school, but left before the business was sold to eBay for $310 million in 2007. “It has long been my wish to unite the two companies. I am so proud of how StubHub has grown over the years and excited about the possibilities for our shared future,” Baker said. “Buyers will have a wider choice of tickets, and sellers will have a wider network of buyers. Bringing these two companies together creates a win-win for fans – more choice and better pricing.”

“Bringing StubHub and Viagogo together will allow us to drive further expansion and innovation, and create a more competitive offering for live event fans globally,” said Sukhinder Singh Cassidy, president of StubHub. “This provides a great opportunity to expand our business, pursue new partnerships and execute our strategy. We expect a seamless transition for all our employees, partners and customers, and we are excited for what the future holds.”

This article was printed from https://deadline.com/2019/11/ebay-sells-ticket-selling-giant-stubhub-to-viagogo-for-4b-in-cash-1202794489/