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eBay buying ticket reseller StubHub |
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Written by asap
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Thursday, 11 January 2007 |
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asap
StubHub Inc. CEO Jeff Fluhr.
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eBay is about to buy it now.
The Internet auction site is purchasing rapidly growing online ticket broker StubHub Inc. for $310 million in cash, further expanding the Internet auctioneer's electronic bazaar.
The San Jose-based company announced the deal late Wednesday after the news had already been leaked to the media.
The sale, expected to close before April, punctuates another improbable Internet success story.
Jeff Fluhr, StubHub's 32-year-old co-founder and chief executive, launched the San Francisco startup against the dreary backdrop of the dot-com bust 6 1/2 years ago with another former student at Stanford Graduate School of Business, Eric Baker.
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WHAT'S THE STUBHUB?
San Francisco-based StubHub runs an online market for buying and selling tickets to major events -- an alternative outlet that has been thriving even as its existence incensed some of the sports teams whose tickets are being resold above their face value.
StubHub says buyers paid more than $400 million for tickets sold on its site, generating more than $100 million in revenue for the 6-year-old company, which is privately held. Scalpers pay a 15 percent fee to sell tickets on the site while the buyers are charged a 10 percent commission.
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