eBay Sells StubHub To viagogo

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eBAY is selling STUBHUB to VIAGOGO for $4.05 billion in cash. The deal, expected to close in first quarter 2020, brings STUBHUB back together with one of its co-founders, ERIC BAKER, now CEO of VIAGOGO; BAKER left STUBHUB before it was sold to eBAY for $310 million in 2007.

"We believe this transaction is a great outcome and maximizes long-term value for eBAY shareholders," said eBAY Interim CEO SCOTT SCHENKEL. "Over the past several months, eBAY's leadership team and Board of Directors have been engaged in a thorough review of our current strategies and portfolio, and we concluded that this was the best path forward for both eBay and STUBHUB. We firmly believe in the STUBHUB business and we are excited about its future growth potential with VIAGOGO as its owner."

BAKER said, "It has long been my wish to unite the two companies. I am so proud of how STUBHUB has grown over the years and excited about the possibilities for our shared future. Buyers will have a wider choice of tickets, and sellers will have a wider network of buyers. Bringing these two companies together creates a win-win for fans -- more choice and better pricing."

"Bringing STUBHUB and VIAGOGO together will allow us to drive further expansion and innovation, and create a more competitive offering for live event fans globally," said STUBHUB Presidenr SUKHINDER SINGH. "This provides a great opportunity to expand our business, pursue new partnerships and execute our strategy. We expect a seamless transition for all our employees, partners and customers, and we are excited for what the future holds."

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