Paul Allen, co-founder of Microsoft Corp., Monday agreed to buy a majority stake in Ticketmaster Holdings Group Ltd., which provides computerized ticket services for sports and concert events.
Financial terms weren’t disclosed. A person familiar with the agreement said Allen paid more than $300 million for the stake. Ticketmaster previously was owned largely by the Pritzker family of Chicago, which also owns the Hyatt hotel chain.
Allen will become chairman of Ticketmaster Holdings, parent of Ticketmaster Corp. Ticketmaster sells more than 52 million tickets annually and had sales of more than $1.1 billion in 1992. It provides services to more than 2,500 clients in 40 states, Canada, Europe and Australia.
Allen’s Ticketmaster investment is his latest jump into companies that will play a part in the future of multimedia digital communications.
“Ticketmaster is an important vehicle for the informational and technological highway of the future and complements my existing suite of technology companies,” Allen said. “The company’s consumer base as well as its reputation for being on the cutting edge of entertainment and marketing make it a key part of my plans for the future.”
Those plans may involve connecting Ticketmaster’s vast computer network with the other technology companies in which Allen has a stake.
Allen owns a share of America Online, which provides electronic mail, conferencing, software and interactive services to personal computer users. Last month America Online, Ticketmaster and Tribune Co. formed an alliance to market and sell tickets to Chicago-area and Florida concerts.
Personal computer users will check concert and sport schedules, buy tickets and order Chicago Cubs merchandise over their computers. Tribune Co. owns the Chicago Cubs as well a share of America Online.
Allen owns stakes in numerous other technology companies.
Allen and Bill Gates started Microsoft in 1975. Allen retired in 1983 but remains a member of Microsoft’s board.
