Pandora Sells Ticketfly To Eventbrite For $200 Million, A $250 Million Loss

In addition to a $480 million investment from SiriusXM, Pandora today announced that it has entered into a definitive agreement to sell its Ticketfly arm to Eventbrite for $200 million. The sale is priced at $250 million below the $450 million that Pandora paid for Ticketfly just 20 months ago.

In addition to the $200 million sale by Pandora of Ticketfly to Eventbrite, the two companies are also close to a deal that would broaden the selection of tickets available on the music streamer,

In addition to helping its balance sheet, Pandora explains the sale this way: [We believe] "that this type of commercial agreement is the best approach to ticketing, leveraging audience scale and targeting while minimizing the operational commitment."

The Ticketfly transaction is expected to close in the third quarter of 2017. Eventbrite is funding the acquisition using a combination of $150 million in cash and a $50 million note payable to Pandora.

from hypebot http://ift.tt/2smiwsO