eBay said to Monday it agreed to sell its ticket marketplace Stubhub to Swiss ticket vendor Viagogo for $4.05 Billion in cash. Viagogo is the same site as Stubhub for people to buy or sell tickets of live games, concerts, and shows. The sell is expected to close by the end of the 1st quarter of 2020, Subject to regulatory acceptance and usual conditions.
Eric baker is Viagogo’s founder and CEO, he is also co-founder of StubHub while studied in business school. Erik Baker said in his statement to CNBC’s that he left before The ticket selling company Stubhub sold to eBay for $ 310 million in 2017, Since of opinion differences with his partner.
After leaving StubHub eric baker to remain stockholder, but he was unable to dictate the sell of the company to eBay. The fact is that all Stubhub’S customers are in the US, While Viagogo is spread out in Europe, Asia, and Latin America. The joint company will offer thousands of tickets daily in over 70 Countries.
Baker also said that, if it was depending on me I would have to buy it back because I never would have to sell it. ” I had been thinking about this for many times because the opportunity to combine this two has a truly global coverage”.
Eric baker thinks about the strong opportunity for these two businesses. eric established StubHub 19 years ago, and he is eagerly waiting for the financial resources to buy it back. baker also said that I feel proud about how StubHub had grown the years, and I am so excited about the possibility of our future shared business.
The company is probably to work independently, for Some time while chief of the company members examines the best way to combine the business. told by representatives of eBay and Viagogo.
The eBay spoke person said to the media that the company will allow the StubHub and Viagogo to realize efficiency to reinvest in innovation. the leadership will remain the same according to the company.
Eric baker not clearly told how the company pays $ 4.05 billion with cash tag. eBay is the second topmost company in the united state. e bay is an eCommerce company and the first position always wins by amazon. but eBay is losing its market, it’s market area sharing with amazon and Walmart for the previous three to four years.
When we are going with data the eBay shares of the United States market this year is 5.7 percent, while 37.6 percent for others like amazon, Walmart according to the marketer. This deal is good for eBay and Viagogo and also for customers.
President of StubHub Shukhinder Singh Cassidy said that this joint venture provides us a great opportunity to expand our business and market area. This New partnership executes our strategy.