The e-commerce giant made the announcement yesterday that it would be selling online ticket dealer StubHub to its European competitor Viagogo for $4 billion cash. This decision comes a few months after eBay announced it would be conducting a strategic examination of its assets after increasing pressure from investors to boost its bottom line. EBay interim CEO Scott Schenkel said the selling of StubHub “maximizes long-term value for eBay shareholders and is the best path forward for both eBay and StubHub.”
Viagogo will now command a dominant market share of the online ticket sales market as they already span over 70 countries and are now expected to sell thousands of more tickets per day. EBay shares jumped up about 2% Monday in response to this news.
Business Barrage 