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Comcast Agrees to Buy Fandango, Online Ticket Seller (Update2)

By Christopher Stern

April 11 (Bloomberg) -- Comcast Corp., the world's biggest cable-television provider, agreed to buy online movie-ticket seller Fandango and said the companies will create a new Web site for viewing films and television shows.

The new Fancast.com site will start in the U.S. summer and allow users to view shows on demand via television, the Internet or mobile devices, Philadelphia-based Comcast said today in a statement. Terms weren't disclosed.

The Fandango purchase and launch of Fancast extends Comcast's efforts to adapt to changes in audience viewing habits. Customers increasingly are using the Internet to access entertainment, including films and television shows.

``We are building a place where customers can go for information about television whether that television is being offered on TV, VOD or online,'' Amy Banse, president of Comcast Interactive Media, said in an interview.

Class A shares of Comcast climbed 71 cents to $27.42 at 4 p.m. in Nasdaq Stock Market composite trading. They have declined 2.8 percent this year.

In the past year, Comcast has launched a video-sharing Web site, a horror movie Web site and a video game related site.

Fandango's site sells tickets for about 1,300 movie theaters in the U.S., and offers show times, reviews and trailers. It draws as many as 5 million visitors a month.

The Los Angeles-based company was started in 2000 by seven of the 10 largest movie exhibitors in the U.S., including AMC Theatres, Carmike Cinemas and Cinemark Theatres, according to its Web site. Accretive Technology Partners and Technology Crossover Ventures are also investors.

Fandango Chief Executive Officer Chuck Davis will continue to run the site from Los Angeles and will be responsible for building Fandango's online entertainment and ticketing business, Comcast said.

To contact the reporter on this story: Christopher Stern in Washington at cstern3@bloomberg.net.

Last Updated: April 11, 2007 16:28 EDT

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