By Martha Maxwell
There’s big news in the secondary sports tix biz:
Viagogo, the smaller of the two, acquired StubHub for $4.05 billion in a deal that would create a behemoth in the growing market for ticket resales.
“We bring international coverage, and StubHub has got phenomenal coverage in the U.S.,” Eric Baker, who co-founded StubHub and also Viagogo said. “When you put the two together, you’re giving fans access to almost any ticket anywhere, in any language and in any currency.”
StubHub sold $4.75 billion in tickets last year, taking in $1.1 billion in fees, according to eBay’s annual report. Viagogo, based in Geneva, Switzerland, has not disclosed details of its finances.
In recent years StubHub has had scant growth, facing new competition from smaller rivals like Viagogo and SeatGeek. Ticketmaster, which dominates the ticket business over all, has also moved forcefully into the secondary market.