by CIO Staff

eBay Scoops Up StubHub for $310M

Jan 11, 20071 min

eBay announced Thursday it will acquire ticket-selling site StubHub for about US$310 million in cash.

The auction giant said the deal is expected to close in the first quarter of this year. EBay said it will discuss the impact of the acquisition on its financial guidance in its quarterly earnings conference call on Jan. 24.

StubHub started in 2000, designed to match buyers and sellers of tickets for live sports and entertainment events, within the boundaries of antiscalping laws in force in most states. EBay said the acquisition will help to strengthen its own online ticket offerings. The move also eliminates a strong competitor in the online ticket resale sector.

-Steven Schwankert, IDG News Service (Beijing Bureau)

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