American online ticket exchange and resale company Vivid Seats Inc. has acquired Vegas.com in a $240 million cash and stock deal, the company confirmed Tuesday.
Chicago-based Vivid announced the deal in the company’s earnings call with investors. The deal was earlier reported by the Wall Street Journal.
Vivid CEO Stan Chia said that, after strong marketplace growth in the company’s third quarter, it is expanding with two acquisitions
The deal for Vegas.com is an indication that Vivid believes in the city’s live entertainment market, Chia said.
“It has never been more clear that demand for live events is strong and that we are capturing that strength at Vivid Seats,” he said in a release. “Our focus on cultivating buyer loyalty continues to deliver results with repeat rates increasing and pacing ahead of expectations. Our business is better positioned than ever, and after announcing international TAM (total addressable market) expansion last quarter with our acquisition of Wavedash, we are thrilled to announce further TAM expansion with our acquisition of Vegas.com.”
Chia views Vegas.com as “a strategic asset that will enhance our scale and reach in the coveted entertainment capital of the U.S.”
Privately held Vegas.com LLC, an online travel agency founded by Las Vegas Sun owner Greenspun Corp. in 1998, was sold in 2015 to Remark Media for $15.5 million in cash and $9.5 million in stock and additional stock options.