Vivid Seats Buys Vegas.com for $240M
Vivid Seats has placed Vegas.com inwards its online shopping cart. The Chicago-based ticket exchange, reported to live the web’s tertiary largest, paid immediate payment and stockpile valued at $240M for the site, which it said increases its tote up addressable market (TAM) past to a greater extent than $6 billion.
Vivid Seats proclaimed the business deal inward its earnings call with investors on Tuesday, and later inward a press release.
“We are thrilled to announce further TAM enlargement with our acquisition of Vegas.com,” Vivid CEO Stan Chia said inward the release. “It has ne'er been to a greater extent elucidate that demand for live events is warm and that we are capturing that strength at Vivid Seats.”
This acquisition positions Vivid Seats, which trades on the NYSE and Nasdaq as SEAT, to live a often stronger competitor to Ticketmaster and StubHub for event tickets inward the Las Vegas market.
Unique Relationships
In add-on to flying and hotel booking, Vegas.com offers an extended stocktaking of tickets to shows, attractions, and tours inwards Sin City. This is because of the unique relationships it has built with local case producers and resort operators since its founding in 1998 by the Las Vegas Sun newspaper and its owner, the Greenspun Corporation.
In 2005, a Chicago Tribune article ranked Vegas.com among the 50 to the highest degree popular jaunt websites. In 2015, Remark Holdings, a publicly traded Las Vegas fellowship then known as Remark Media, acquired Vegas.com for $15.5 zillion in cash in and $9.5 zillion inwards stock up and additional stock up options.
The Vegas.com acquisition is Vivid Seats’ arcsecond expanding upon this year. In August, it acquired the Nipponese online just the ticket market place Wavedash for a reported $61M in cash.
Vivid Seats was founded inward 2001 by Jerry Bednyak, who handled the expert side, and Eric Vassilatos, who worked on financials. Two buck private equity companies, Vista Equity Partners in 2016, and GTCR, which paid $575M for a majority stake inwards 2017, hold since invested inward Vivid Seats.
As of Nov. 3, 2023, Vivid Seats had a securities industry pileus or sack worth of $1.22 billion.
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