Pandora Buys Ticketfly Live Events Company for $450 Millionby
Deal will make Pandora a rival to Live Nation's Ticketmaster
Transaction is a `game-changer' for company: Pandora CEO
Pandora Media Inc. agreed to acquire online ticketing business Ticketfly Inc. in a deal valued at about $450 million, thrusting Pandora into competition with Live Nation Entertainment Inc.’s Ticketmaster, the industry leader.
The transaction includes about $225 million in cash and 11.6 million of Pandora’s common shares, Pandora, the Internet radio service, said Wednesday in a regulatory filing.
Ticketfly provides ticketing and marketing software for about 1,200 venues and event promoters across North America. It generated more than $500 million in transaction volume last year, selling 16 million tickets to more than 90,000 live events including Burning Man and the Pitchfork Music Festival, Pandora said in a statement. The deal will take Pandora beyond its radio roots, bringing together its 80 million monthly users and the 14 million who visit Ticketfly during an average month.
“This is a game-changer for Pandora,” Brian McAndrews, the Oakland, California-based company’s chief executive officer, said in the statement.
Pandora fell 4.6 percent to $20.98 at the close in New York. The stock has climbed 18 percent this year.