posted on January 11, 2007 02:24:04 PM new
Just announced on CNN, that Ebay just purchased STUBHUB at the tune of 310 million dollars. this site was started by 2 Stanford students concerning ticket sales, just 2 years ago. Damn why can't I come up with an idea like that!!!
mam
January 10, 2007 -- SAN FRANCISCO and SAN JOSE, CA - eBay Inc. (NASDAQ: EBAY) today announced it has agreed to acquire privately held StubHub, a leading online marketplace for the resale of event tickets.
The acquisition will enable eBay to expand its presence and offering in the online tickets segment, while allowing StubHub to continue to scale its business with the e-commerce expertise and resources of eBay.
"StubHub has been extremely successful in the online tickets segment, and it's a perfect complement to eBay's tickets business," said Bill Cobb, president, eBay North America Marketplaces. "Together we can strengthen both businesses and provide fans with more choice and better service."
"StubHub's business model is an excellent fit with eBay, a company we've admired for a long time," said Jeff Fluhr, founder and CEO of StubHub. "StubHub exists to serve passionate fans - and we feel great knowing our customers will benefit from the power of eBay and its community of users."
Launched in 2000 and based in San Francisco, StubHub is the fan's marketplace where transparency and fairness benefit buyers and sellers alike.
eBay has agreed to purchase StubHub for an estimated aggregate value of approximately $310M, which will include the company's net cash as of the closing. The final amount will be determined at closing based on a formula and be payable in cash.
This acquisition -- which is subject to regulatory approval and approval of StubHub's stockholders, among other conditions -- is expected to close in the first quarter of 2007. Information relating to the impact of this acquisition on eBay's 2007 financial guidance will be provided on the next quarterly earnings conference call scheduled to take place Jan. 24.
posted on January 13, 2007 09:58:34 AM new
ON 9/30/06 ebay had over $3 billion in cash and short term investments. Got to do something with that money.
posted on January 14, 2007 03:40:11 PM new
They wouldn't give it to the people who made it for them, they would have to give it to the owners... the stockholders.
