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Ticketmaster Increases Stake in Joint Venture

September 11, 1997|Reuters

Ticketmaster Group Inc. said it has purchased Time Warner Inc.'s one-third interest in their Ticketmaster-Southeast joint venture for $9.5 million in cash, giving Ticketmaster a two-thirds stake in the venture. The remaining one-third interest is owned by Seagram Co.'s MCA unit. Los Angeles-based Ticketmaster also reported profit of almost $2 million, or 8 cents a share, in the second quarter ended July 31, contrasted with a loss of $439 million, or 3 cents, in the year-ago period. Ticketmaster-Southeast sells nearly 4 million tickets a year in the Southeastern United States. Ticketmaster's stock rose 13 cents to close at $18 on Nasdaq.

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