B'caster to control 62.5% of new company
USA Networks confirmed Thursday that it has agreed to buy control of Internet city entertainment guide producer CitySearch Inc., which USA will merge with its Ticketmaster Online unit.
USA will control 62.5% of the new company, to be called Ticketmaster Online-CitySearch, while the remaining 37.5% will be controlled by existing CitySearch shareholders.
“I think possibly the last frontier of size to be organized on the Internet is the local city site,” said USA Chairman and CEO Barry Diller. “As we have maintained for some time, we believe that most people’s interests lie within the general limits of the cities in which they live. We hope this combination of assets, together with the cheering help of USA’s local broadcast stations, will create critical mass in this growing Internet area.”