eBay acquiring online ticket firm for $300m

eBay is on the verge of buying the rapidly growing online ticket reseller StubHub for about $300 million in cash, a source close to the deal, quoted by an Associated Press report said.

The Associated Press report also quoted the source as saying that the acquisition could be announced this week.

eBay spokesman Hani Durzy declined to comment, the report said.
A call to Jeff Fluhr, StubHub's co-founder and chief executive, wasn't immediately returned.

If the sale is completed, eBay would gain control of one of the nation's fastest-growing companies, the report said.

San Francisco-based StubHub runs an online market for buying and selling tickets to major events, an alternative outlet that has been thriving even as its existence incensed some of the sports teams whose tickets are being resold above their face value.

StubHub says buyers paid more than $400 million for tickets sold on its site, generating more than $100 million in revenue for the 6-year-old company, which is privately held, the report further said.