(CedlebrityAccess MediaWire) —
Ticketmaster has signed an agreement to acquire the shares in Ticketmaster7 currently held by Seven Network Limited, Australia's largest broadcast television network. Following completion of the transaction, Ticketmaster will hold 100% ownership of the Australia-based ticketing operation. The acquisition agreement reflects Ticketmaster's continued international expansion of technology and ticketing services and Seven's decision to emphasize its continued focus on building its core television and magazine publishing media businesses. Under terms of the agreement, Ticketmaster7 will continue to provide ticketing services for its current sports, music, arts and family entertainment event clients throughout the Australian marketplace.
"We're excited with the opportunity to expand our investment in the very robust and growing Australian marketplace," said John Pleasants, CEO, Ticketmaster. "Following completion of the acquisition, we will continue to provide leading technology, products and services that will help develop and drive new growth opportunities throughout Australia's dynamic entertainment industry."
"Ticketmaster's further investment in Australia will provide the Australian market with access to new and developing products and technologies to help expand sales and marketing of event tickets for clients, while delivering a faster and more convenient ticketing experience for consumers," said Maria O'Connor, managing director and chief executive officer of Ticketmaster7.
"Upon completion of the acquisition, many international initiatives will proceed here in Australia in the near future including upgrading the already highly successful website at www.ticketmaster7.com.au and the strategic entry of Ticketmaster into new local markets," said Phil Meggs, president of Ticketmaster7 in Australia. "Many of the experiences and relationships Ticketmaster has throughout the world will add to the Australian business' drive to sell more tickets, better for our clients. Many of the technologies now available to Ticketmaster7 in Australia have proven their value in overseas markets and we will be assessing them for local introduction."
"We are extremely proud of our achievements as a partner in creating what has become a truly national and expanding ticketing business," said Steve Wise, project director for Seven Network Limited. "As we continue to build on our core media businesses, we are pleased that Ticketmaster7 will continue to serve Australia's growing community of entertainment consumers and clients under the direction of Ticketmaster in a wholly-owned capacity."
Ticketmaster7 has served as a growing operation in Australia for more than 25 years; originally as BASS Victoria established in 1978 then as a joint venture between Ticketmaster and Seven Network Limited since 1999. Ticketmaster7 was recently appointed the "Official Ticketing Agency" of the Melbourne 2006 Commonwealth Games and will be pursuing additional opportunities to driving new technology and premier ticketing services for clients and consumers throughout the country. Seven will continue to provide Ticketmaster7 with marketing cooperation across its television and magazines businesses, and brand association for the immediate future. –Jane Cohen and Bob Grossweiner
