16 Oct 2017 - 0:21
Fandango buys MovieTickets.com, expanding to markets overseas
By Anousha Sakoui / Bloomberg
Fandango agreed to acquire online rival MovieTickets.com, adding to its dominance in the U.S. market and getting access to more film fans overseas.
The deal gives Fandango, a division of Comcast Corp.’s NBCUniversal, the ability to sell tickets for chains including Cineplex Inc., Landmark Theatres and Sumner Redstone’s National Amusements Inc.. The acquisition also adds to Fandango’s footprint in Latin America and makes it available for the first time to the U.K and Canada. The deal will close in the fourth quarter, according to a statement. Financial terms weren’t disclosed.
The move continues the expansion of Fandango, which last year acquired movie-review aggregator Rottentomatoes.com and film-buff site Flixster from Warner Bros. Fandango is betting on moviegoing even though U.S. attendance and box office revenue have declined, with several big movies failing to draw fans.
MovieTickets.com shareholders include National Amusements, Cineplex Entertainment, Regal Entertainment Group, Marcus Corp., Viacom Inc. and Time Warner Inc.