EBay is selling its StubHub ticketing businesses to Viagogo, a European rival, in a $4 billion deal.
The two companies announced the all-cash deal Monday. Once completed, the combined company will be massive: It expects to sell hundreds of thousands of tickets each day across more than 70 countries. EBay interim CEO Scott Schenkel said in a press release that the transaction"maximizes long-term value for eBay shareholders" and concluded this was the"best path forward for both eBay and StubHub.
During the FIFA World Cup in 2018, the governing body of the soccer tournament filed a criminal complaint against the company from consumers and watchdog groups about"opaque and deceptive business conduct." It was also in hot water from the United Kingdom for similar"deceptive" practices.Selling off StubHub comes amid a broader review of eBay's businesses.
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