Ticketmaster has purchased the outstanding 50% equity interest in its Ticketmaster-Northwest joint venture for $12.5 million.
The pact gives the ticketer 100% ownership of the firm, which serves the greater Seattle area and Oregon. The outlet sells approximately 2.4 million tickets annually.
“This transaction marks another significant step in our strategy to consolidate our core ticketing business by purchasing the remaining interests in Ticketmaster’s partially owned entities,” said Fred Rosen, prexy and CEO of Ticketmaster. “With full ownership of Ticketmaster-Northwest, combined with the recent purchase of our Canadian licensees, Ticketmaster is poised to benefit from a simpler operating structure.”
Since its IPO last year, the ticketer has been acquiring outstanding stakes in its regional companies.
Ticketmaster has a handful of joint venture or licensee pacts remaining, which it eventually will acquire.