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CALIFORNIA / News and Insight on Business in the
Golden State
| THE STATE: TECHNOLOGY

Ticketmaster Online-CitySearch Files for IPO

October 01, 1998| Bloomberg News

Ticketmaster Online-CitySearch Inc., formed to combine the online business of USA Networks Inc.'s Ticketmaster unit with the CitySearch Inc. online service, is planning a $92-million initial stock offering. The Pasadena company filed with the Securities and Exchange Commission to sell an undisclosed number of Class B shares for an unspecified price. Proceeds will be used to repay a $50.4-million loan to the company from New York-based USA Networks. The rest will go for capital expenditures, including sales and marketing and improving the company's servers. Ticketmaster Online-CitySearch is expected to have a market value of about $700 million after the offering. Underwriters will include NationsBanc Montgomery Securities; Allen & Co. Inc.; BancBoston Robertson Stephens; Bear, Stearns & Co.; and Donaldson, Lufkin & Jenrette. The company has applied to trade on the Nasdaq Stock Market under the symbol TMCS.

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