Vivid Seats Inc SEAT, an online platform for event ticket sales, is venturing further into the entertainment capital, Las Vegas, with an acquisition valued at approximately $240 million.
The deal involves the purchase of Vegas.com, a service offering Las Vegas visitors assistance with show tickets, tour bookings, and travel accommodations.
The transaction is structured to include $151.2 million in cash coupled with $88.8 million in Class-A common stock of Vivid Seats.
Vegas.com provides event inventory of shows, attractions, and tours in Las Vegas.
Founded in 2001, Vivid Seats is an online ticket marketplace for connecting fans to live events, artists, and teams. The Chicago-based company has been chosen as the official ticketing partner by some of the biggest brands in the entertainment industry, including ESPN, New York Post, and the Los Angeles Dodgers. Vivid Seats also owns Vivid Picks, a daily fantasy sports app.
Vivid Seats held $269.7 million in cash and equivalents as of September 30, 2023. Third quarter revenues of $188.1 million grew 20% Y/Y.
Vivid Seats raised its 2023 forecast for revenues to $685.0 million-$705.0 million (consensus $643.41 million) from $630.0 million-$650.0 million and provided 2024 outlook for revenues in the range of $810.0 million-$840.0 million (Estimate $689.78 million).
Price Action: SEAT shares traded higher by 6.40% at $6.65 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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