Movies

Ticket platform StubHub files for IPO

BBG News

As a passionate cinephile, I’m thrilled to share that StubHub Holdings Inc., the go-to platform for film buffs like me to secure our tickets, recently filed for an initial public offering. The financial disclosures reveal a promising revenue growth trajectory and a minimal annual loss projected for 2024, hinting at a bright future ahead!

Last year, StubHub reported a net loss of $2.8 million on revenue of approximately $1.77 billion. This is a significant decrease compared to their net income of $405 million on revenue of around $1.37 billion in the year 2023. As per their SEC filing made public on Friday, this decline was also noticeable in their adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), which stood at $299 million for 2024 – a decrease from the previous year, but still significantly higher than the $57-million loss they experienced in 2022.

The New York-headquartered firm is keeping secret the potential scale and pricing details of its planned stock sale until they’re prepared to start promoting the investment opportunity to potential investors, which will happen at a later date via a future filing.

Hollywood Inc.

There’s some uncertainty about whether the government can effectively split Live Nation and Ticketmaster, yet the antitrust lawsuit does pose significant threats to the colossal entertainment corporation.

Last year, StubHub was planning an Initial Public Offering (IPO) following a surge in sales due to Taylor Swift’s The Eras Tour. However, they decided to delay these plans, as reported by Bloomberg News in July, due to less than ideal market conditions.

Originally one of the founders of StubHub, Eric Baker stepped down prior to its sale in 2007 to eBay Inc., a transaction that amounted to $310 million. Later on, Baker established Viagogo in Europe. In 2019, Viagogo consented to purchase StubHub for an impressive $4.05 billion. The acquisition was finalized the subsequent year, allowing the merged company to carry on its operations under both brand names.

In the company, prior to the offering, the baker owns over 90% of the total voting power. He holds approximately 5.2% of the Class A shares, but each of his Class B shares carries 100 votes.

Music

In simpler terms, Live Nation (the owner of Ticketmaster) has been sued by the Department of Justice, California, and several other states for suspected antitrust offenses. If found guilty, this could potentially lead to the company being split apart.

At the given company, Madrone Partners LP controls approximately a quarter (27%) of the business operations and nearly three percent (2.8%) of the voting rights. WestCap Management owns around eleven percent (11%), while Bessemer Venture Partners manages roughly nine and a half percent (9.6%). Notably, Madrone Partners LP and Bessemer Venture Partners both occupy board seats in this company.

On their ticketing platforms, StubHub and Viagogo, the ticket reselling activities cover over 200 countries globally, as stated on StubHub’s official site.

JPMorgan Chase & Co. and Goldman Sachs Group Inc., joined by over ten additional banks, are spearheading this venture. They aim to have the company’s shares available for trading on the New York Stock Exchange, where they will be identified using the symbol STUB.

Lipschultz and Roof write for Bloomberg, with assistance from Gillian Tan.

Read More

2025-03-22 20:01

Previous post 25 years later, Final Destination director reveals hidden detail you definitely missed
Next post George Foreman, Fearsome Heavyweight Who Became Beloved Champion, Dies at 76