Publishing and Broadcasting's Internet division ecorp has announced it will acquire ticketing company Ticketek from PBL subsidiary Consolidated Press Holdings (CPH).
Daniel Petre, executive chairman, ecorp, said, "Ticketek provides an excellent strategic fit with our focus on e-commerce operations and we are excited about the opportunity to continue to build its business and move an increasing portion of ticketing online."
James Packer, chief executive officer, CPH, said, "We believe [Ticketek] will be best developed within ecorp - where the full potential of online delivery of tickets and related products can best be achieved."
CPH and ecorp have agreed a deal whereby ecorp will issue $52 million in shares to CPH, plus make two further payments to CPH of $5 million each, dependent on Ticketek hitting specified financial targets in 2001 and 2002.
Ecorp shares issued to CPH will be transferred to PBL.