Vivid Seats Announces Acquisition of Vegas.com
November 07 2023 - 5:15AM
Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats”), a leading
marketplace that utilizes its technology platform to connect
millions of buyers with thousands of ticket sellers across hundreds
of thousands of events each year, today announced its acquisition
of Vegas.com, the leading entertainment marketplace for consumers
exploring Las Vegas, in a cash and stock transaction valued at
approximately $240 million1.
Vegas.com is a two-sided marketplace and the
ultimate destination for live event enthusiasts visiting Las Vegas.
As the local market authority, Vegas.com provides the most
comprehensive event inventory of shows, attractions, and tours in
Las Vegas, one of the world’s most desirable destinations for
leisure and business travel. Vegas.com also offers an end-to-end
travel shopping experience complete with flights and hotels.
“We are thrilled to announce the acquisition of this strategic
asset that will enhance our scale and reach in the entertainment
capital of the U.S. and beyond,” said Stan Chia, Vivid Seats CEO.
“This transaction will increase our scale and reach in this key
market, bring incremental unique inventory through strategic
partnerships and offer long-term synergistic upside, while
increasing our TAM by over $6 billion. As we continue to expand our
reach and capabilities as a leading global marketplace, we are
pleased that our strong balance sheet and robust cash flow are
enabling multiple strategic investments."
BakerHostetler served as Vivid Seats’ legal advisor. J.P. Morgan
Securities LLC acted as exclusive financial advisor to Vegas.com
and its sellers. Brownstein Hyatt Farber Schreck, LLP served as
legal counsel to Vegas.com.
Additional details on the transaction will be discussed on the
Company’s third quarter earnings conference call.
1 Approximately $151.2 million in cash and $88.8 million in
shares of Vivid Seats’ Class A common stock.
About Vivid SeatsFounded in
2001, Vivid Seats is a leading online ticket marketplace committed
to becoming the ultimate partner for connecting fans to the live
events, artists, and teams they love. Based on the belief that
everyone should “Experience It Live,” the Chicago-based company
provides exceptional value by providing one of the widest
selections of events and tickets in North America and an industry
leading Vivid Seats Rewards program where all fans earn on every
purchase. Vivid Seats has been chosen as the official ticketing
partner by some of the biggest brands in the entertainment industry
including ESPN, New York Post, and the Los Angeles Dodgers. Vivid
Seats also owns Vivid Picks, a daily fantasy sports app. Through
its proprietary software and unique technology, Vivid Seats drives
the consumer and business ecosystem for live event ticketing and
enables the power of shared experiences to unite people. Vivid
Seats has been recognized by Newsweek as one of America’s Best
Companies for Customer Service in ticketing. Fans who want to have
the best live experiences can start by downloading the Vivid Seats
mobile app, going to vividseats.com, or calling 866-848-8499.
About Vegas.com Vegas.com is the leading
entertainment and hospitality marketplace for consumers exploring
Las Vegas. The company provides insider access to some of the most
iconic landmarks, resorts and casinos on the legendary Las Vegas
Strip with deals on shows, hotels, vacation packages, tours,
attractions, dining and nightlife. Vegas.com has partnered with MGM
Resorts, Caesars Entertainment, The Venetian, and The Mirage
Casino. We invite you to Las Vegas, not just tell you to go there.
We live in Vegas. We work here, play here, and party here. We’re
your Vegas insiders with all the on-the-ground and
behind-the-scenes intelligence you need to know. Plan your best Las
Vegas vacation with Vegas.com.
Forward-Looking StatementsThis press release
contains “forward-looking statements” within the meaning of the
“safe harbor” provisions of the U.S. Private Securities Litigation
Reform Act of 1995. The forward-looking statements in this press
release relate to, without limitation, the anticipated benefits of
the transaction. Words such as “expect,” “anticipate,” “target,”
“goal,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,”
“will,” “likely,” “may,” “designed,” “would,” “future,” “can” and
“could,” as well as similar expressions which predict or indicate
future events and trends or which do not relate to historical
matters, are intended to identify such forward-looking statements.
Forward-looking statements are not guarantees of future
performance, conditions or results, and are subject to risks,
uncertainties and assumptions, many of which are outside of Vivid
Seats’ control. Important factors that could cause actual results
or outcomes to differ materially from those anticipated in the
forward-looking statements include, but are not limited to, those
detailed in Vivid Seats’ most recent Annual Report on Form 10-K,
subsequent Quarterly Reports on Form 10-Q and other filings with
the Securities and Exchange Commission. Forward-looking statements
speak only as of the date of this press release. Vivid Seats
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Contacts:
InvestorsKate
AfrickKate.Africk@vividseats.com
MediaJulia
YoungJulia.Young@vividseats.com
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