Ebay buys US ticketing firm for £310m
- Added:
- Dec 18, 2006
StubHub was founded in 2001 by Eric Baker and Jeff Fluhr. It operates an online market for reselling tickets to major events.
The San-Francisco based company offers a secure way to connect buyers and sellers of tickets, with a money-back guarantee to insure that buyers are not cheated out of tickets. Sellers send tickets via overnight delivery to buyers and StubHub acts as middleman to ensure the privacy of buyers.
StubHub has resale relationships with 30 professional and college sports teams, and has begun to expand into the resale market for music concerts, theatre tickets and other events.
It has brokered the sale of more than 5 million tickets. It generated more than $100m in revenue last year.
Commenting on the deal, Fluhr, StubHub's chief executive, said: "StubHub's business model is an excellent fit with EBay, a company we've admired for a long time. 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."