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eBay buys StubHub - sell your crap and buy tickets at the same time!
eBay just announced that they are purchasing StubHub, a reseller of tickets. Looks like the deal is worth about $310 million closing in about 30 days with regulatory approval. Bambi Francisco noted this potential deal back in October.
From the release:
"StubHub's business model is an excellent fit with eBay, a company we've admired for a long time," said Jeff Fluhr, founder and CEO of StubHub. "StubHub exists to serve passionate fans - and we feel great knowing our customers will benefit from the power of eBay and its community of users."
Launched in 2000 and based in San Francisco, StubHub is the fan's marketplace where transparency and fairness benefit buyers and sellers alike.
eBay has agreed to purchase StubHub for an estimated aggregate value of approximately $310M, which will include the company's net cash as of the closing. The final amount will be determined at closing based on a formula and be payable in cash.
This acquisition -- which is subject to regulatory approval and approval of StubHub's stockholders, among other conditions -- is expected to close in the first quarter of 2007. Information relating to the impact of this acquisition on eBay's 2007 financial guidance will be provided on the next quarterly earnings conference call scheduled to take place Jan. 24.
One thing I have never seem to understood with these ticket selling sites is why they can sell tickets for any "fair market" price, yet Vito outside Yankee Stadium can't sell anything. Someone enlighten me :)
Well, for one, I hate ticket scalpers. They suck. Here in San Diego, the Broadway show for Wicked sold out a whole week within hours. Why? Dumb ass companies like this are allowed to pre-purchase tickets in huge numbers. Then, us little guys are forced to buy them at ridiculous prices. I took my girlfriend to see the Ling King on Broadway for our 2 year anniversary. I had to pay $250/ticket. Its just frustrating.
Anyways, ticket scalping is technically only illegal if you are trying to scalp tickets on or near the premise of the event. It's interesting to see a guy holding a sign, two blocks from Qualcomm, trying to sell his Charger tickets to people. Sheesh.
Scalpers and paparazzi = crap.
Well, it legal because they probably pay the taxes over the prices that the tickets sell....and "Vito" outside the stadium will not..
anyway, if you pay more than normal price is because of demand and offer...market laws....i nobody wants to buy something, that something will be dirt cheap, on the other hand, if everyone wants a very rare something....the price will the most someone is willing to pay....as simple as that... :)