Hollywood Media sells off its legit website
Key Brand Entertainment, the company that owns and operates the producing org and tour presenter Broadway Across America, has sealed a deal to acquire legit ticketing and editorial website Broadway.com in a transaction to be completed in early 2010.Key Brand purchases the site from Hollywood Media Corp., which has holdings in MovieTickets.com, among other ventures. Key Brand also will acquire the rest of Hollywood Media’s Broadway Ticketing Division. Reps from Hollywood Media estimate the value of the deal at $45 million, including a cash transaction of $20 million, among other considerations and arrangements. Toppers of Broadway.com, including prexy and COO Matt Kupchin and exec VP of ticketing Jerome Kane, are expected to continue in their posts after the sale. Among the assets of Broadway.com is its highly desirable URL, a logical go-to for consumers looking for tickets to Main Stem shows. Along with its sales portal, site also incorporates editorial content including news, reviews and interviews. Broadway.com also owns U.K. ticketing site Theatre.com. In a statement, Mitchell Rubinstein, head of Hollywood Media, said the sale would allow the company to significantly lower its overhead and maintain a low-cost corporate structure. The legit-centric Key Brand, meanwhile, picks up an asset likely to prove useful as it develops, produces and distributes theatrical product in North America. “West Side Story,” “Hair,” “Irving Berlin’s White Christmas” and the upcoming stagings of “Promises, Promises” and “Million Dollar Quartet” among the Main Stem shows the org backs through Broadway Across America. Company is led by CEO John Gore and chairman Thomas McGrath. Ticketmaster is currently the exclusive ticketing agent for single ducats to shows presented by the Broadway Across America road network, and is expected to remain so after the purchase of Broadway.com.