Business Services Industry
USA Buys Up Millions in Ticketmaster Stock.
Knight Ridder/Tribune Business News, May, 2002
By Evan Pondel, Daily News, Los Angeles Knight Ridder/Tribune Business News
Oct. 11--Barry Diller's USA Interactive Inc. will purchase all shares of Ticketmaster Inc. it doesn't already own for about $730 million in stock -- a move that would help consolidate the group's corporate umbrella, the company said Thursday.
Terms of the revised transaction entitle Ticketmaster shareholders to receive 0.935 of a USA share for each Ticketmaster share they own. New York-based USA Interactive will issue 45.1 million shares to Ticketmaster upon completion of the deal, which could happen by the year's end.
"This is great for USA. I think they paid an attractive price," said Thomas Underwood, analyst with Legg Mason in Virginia. "It also gives the...
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