Yahoo Finance O2 Arena and Hammersmith Apollo owners bid for See Tickets amid ‘several very encouraging offers’
The owners of two iconic London music venues have reportedly thrown their hats into the ring to buy See Tickets, the Nottingham-based ticketing company.
Anschutz Entertainment Group (AEG), owners of the iconic O2 Arena, and CTS Eventim, which jointly owns Hammersmith Apollo with AEG, are said to be among the contenders for See Tickets, owned by French media giant Vivendi.
Vivendi acquired the international ticketing company for €96m (£82m) in 2011. It is hoping to make an estimated €300m (£257m) on the sale, which kicked off with an initial non-binding bidding round in recent weeks, according to the Financial Times.
Vivendi said in a statement that it has “received several promising offers regarding the potential sale of its ticketing and festival activities. We are very pleased with the level of interest our business has raised.
“The process is ongoing and no decision has been made for now.”
In September, Sky News reported that the media company was working on the disposal parts of its Vivendi Village subsidiary, including See Tickets.
Sources said it had decided the ticketing company could not compete with major players such as LiveNation, Ticketmaster and AEG.
See Tickets sold 39m tickets to live sporting events, concerts and festivals last year and is projecting sales of 43m tickets across 10 countries this year.
AEG and CTS Eventim have not responded to City A.M.‘s request for comment.
Robin Sherry, chief executive of premium ticket provider Seat Unique said the bidding war for See Tickets “comes as no surprise”.
“The experience economy is thriving in the UK,” he told City A.M., “and I anticipate more major players will soon throw their hat into the ring in what promises to be a lucrative investment.”
“Last year, the music industry contributed £6.7 billion to the UK economy, with live show attendance reaching an all-time high. Today, people are looking to spend their money on unforgettable live experiences, not material goods,” he added.
