Technology eBay is selling StubHub to Viagogo for $4.05 billion
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will soon have a new owner if all goes to plan. Viagogo, another ticket resaler, has agreed to buy it from for $4.05 billion. The sale should close by the end of March, pending regulators' approval and customary closing conditions.
Viagogo founder and CEO Eric Baker also co-founded StubHub, which eBay bought in 2007 for $310 million (Baker left the company before then). He said he had long hoped to bring Stubhub and Viagogo together.
The move means two majorare consolidating, and while you might expect that would lead to fewer options for ways to buy tickets you're desperately seeking, Baker claimed otherwise. "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."
You can now sell your NFL tickets directly to StubHub in seconds
The ticket marketplace plans to expand its Sell It Now feature to more sports, concerts and plays next year.Either way, if you want to sell off your NFL tickets and don't feel like waiting, StubHub is now offering the appropriately named Sell It Now feature. With this service, StubHub will pop up an offer price for your ticket while you're listing it on its site, allowing you to sell directly to the company in a matter of seconds. If you accept, StubHub will buy your ticket and take responsibility for selling it. If you decline, you can simply list the ticket on StubHub on your own.
"We believe this transaction is a great outcome and maximizes long-term value for eBay shareholders," eBay's interim CEO Scott Schenkelsaid 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."
Both StubHub and Viagogo have been under regulatory scrutiny in recent years. The UK's competition watchdog officials reportedlyin 2017 as part of an investigation into "suspected breaches of consumer law." Soon after, the Competition and Markets Authority from resalers to their customers after it "gathered evidence which it considers [to] reveal breaches of the law."
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EBay to sell StubHub to Viagogo for about $4 billion in cash
EBay on Monday announced plans to sell StubHub internto Swiss ticket vendor Viagogo for about $4.05 billion in cash. CNBC's David Faber reports.