NEW YORK and PASADENA, Calif., Jan. 31 /PRNewswire/ -- USA Networks, Inc.
(Nasdaq: USAI) and Ticketmaster Online-Citysearch, Inc. (Nasdaq: TMCS)
announced today that TMCS has completed the transaction which combines
Ticketmaster Corporation, a wholly owned subsidiary of USAi, with TMCS. The
combined company has been renamed "Ticketmaster" and will continue to trade
under the symbol "TMCS."
The combination creates an unparalleled group of global businesses all
focused on reserved access and local information and services for consumers.
Ticketmaster unites the world's leading ticketing company with Citysearch, a
leading online local information and services network and Match.com, the
leader in subscription online personals and reunites Ticketmaster Corporation
Under the terms of the transaction, USAi contributed Ticketmaster
Corporation to TMCS and received 52 million TMCS Class B shares. USAi's
equity in TMCS increased from 49 percent to 68 percent.
Barry Diller, Chairman and CEO, USAi, and Terry Barnes serve as
co-chairmen of the Company. John Pleasants is president and chief executive
officer and will continue to serve on the Board. Continuing Ticketmaster
Board members include Victor Kaufman, Vice Chairman, USAi; Bryan Lourd,
managing partner, Creative Arts Agency; Jon Miller, President and CEO USA
Information and Services, USAi; Alan Spoon general partner, Polaris Venture
Partners and Allen Grubman, senior partner, Grubman, Indursky & Schindler.
Additionally, Charles Conn, the current Chairman and co-founder of TMCS, will
remain with the Company in a strategic advisory capacity.
The Company's corporate headquarters is now located at 3701 Wilshire
Boulevard, Los Angeles, CA 90010.
Ticketmaster (TMCS) operates the world's leading ticketing service;
selling 83 million tickets valued at more than 3.3 billion dollars, through
approximately 3,500 retail Ticket Center outlets; 18 worldwide telephone call
centers; and ticketmaster.com. Ticketmaster serves more than 6,200 clients
worldwide and acts as the exclusive ticketing service for hundreds of leading
arenas, stadiums, performing arts venues, and theaters. The Company also
operates Citysearch, a leading online local network enabling people to get the
most out of their city, and Match.com, the premier online matchmaking service.
Located in Los Angeles, California, Ticketmaster is majority owned by USA
Networks, Inc. (USAI) and is a division of its Information and Services unit.
Ticketmaster was formed through the combination of the operations of
Ticketmaster Online-Citysearch and Ticketmaster Corporation in January 2001
and renamed Ticketmaster.
Safe Harbor Statement under the Private Securities Litigation Reform Act
This press release contains forward-looking statements about Ticketmaster
(the "Company"), including statements concerning its future product plans.
These forward-looking statements involve risks and uncertainties. The
Company's actual results could differ materially from these statements. These
forward looking statements are based on the Company's expectations as of the
date of this release and the Company undertakes no obligation to update these
statements. Among the risks and uncertainties that could adversely affect the
Company's actual results are: that the Company may not realize the synergies
and other intended benefits of the combination; that the Company may have
difficulty overcoming problems associated with rapid expansion and growth; the
dependence of the Company's business on entertainment, sporting and leisure
events; quarterly fluctuations in the Company's revenues which could adversely
affect the market price of the Company's stock; the risks of operating
internationally; the dependence of the Company on its relationships with
clients; the Company's future capital needs and the uncertainty of additional
financing; the Company's dependence on key personnel and need to hire
additional qualified personnel; control of the Company by USA Networks, Inc.;
the potential for conflicts of interest between the Company and USA Networks,
Inc.; the Company's need to continue to promote its brands; risks associated
with competition; the Company's reliance on third party technology; network
security risks; the Company's need to be able to adapt to rapid technological
changes; liability associated with the information displayed or accessed on
the Company's web sites; intellectual property infringement risks; risks
associated with changing legal requirements on the Company's operations,
including privacy concerns; litigation risks; the dilutive effect of future
acquisitions; risks associated with the failure to maintain the Company's
domain names; and the risk to its stock price associated with the Company's
anti-takeover provisions. Investors are encouraged to read the risks and
uncertainties detailed in the Company's filings with the Securities and
Ticketmaster is the owner or licensee of its name and logo trademarks and
service marks. All other trademarks and trade names are the property of their
SOURCE Ticketmaster Online-Citysearch, Inc.; Ticketmaster Corporation
Web site: http: //www.citysearch.com
CONTACT: TMCS media, Kandus Kane, 626-660-2544, firstname.lastname@example.org, or Eric Jaffe, 626-660-3572, email@example.com, or TMCS investors, Mary McAboy, 626-660-2858, firstname.lastname@example.org, all of Ticketmaster