Diller buys rest of ticketer, deal could be $380 mil
NEW YORK — Barry Diller’s USA Networks Inc. said Monday it had entered into a definitive agreement to buy the 50% of Ticketmaster Group Inc. it does not already own.
USA Networks struck an agreement in principle for the deal with the telephone and online ticket service on March 10 (Daily Variety, March 11), after months of uncertainty. At that time, the deal was valued at more than $380 million.
Ticketmaster, the world’s largest computerized ticketing service, reported net income of $20 million on sales of $340.9 million for its most recent fiscal year.
USA Networks said that under the agreement, it will acquire each remaining share of Ticketmaster in exchange for 0.563 share of USA Networks, or 1.126 shares after giving effect to USA Networks’ two-for-one stock split to be paid Thursday.
USA Networks’ stock closed Monday at $55.81, off 94¢, and Ticketmaster rose 87.5¢ to close at $30.125.