Comcast to Buy Fandango, Launch Fancast.com
By Todd Spangler -- Multichannel News, 4/11/2007 3:39:00 PM
Comcast is getting its movie ticket punched: The No. 1 cable operator announced plans to acquire movie-ticketing site Fandango and said it will launch an entertainment-search portal, Fancast.com, this summer.
The Fandango deal is expected to close in the second quarter. Financial terms of the acquisition weren’t disclosed.
"Fandango is one of the strongest entertainment brands online, as well as a dynamic, profitable business with a superb management team and rapidly growing advertising revenue," Comcast Interactive Media President Amy Banse said. "Adding Fandango to Comcast Interactive Media and creating Fancast.com will enable us to leverage our combined assets to offer consumers an outstanding entertainment experience."
Investors in privately held Fandango, founded in 2000, include seven of the 10 largest movie exhibitors in the United States, as well as Accretive Technology Partners and Technology Crossover Ventures. The site -- which attracts 4 million-5 million unique visitors per month -- sells tickets for 1,300 theaters representing 15,000 screens.
Comcast said Fandango will be an “integral” component of Fancast.com, which will “enable consumers to search, discover, manage and enjoy their entertainment experience across many devices and channels, including television, computers, DVDs and wireless services.”
Fancast.com will let visitors search for TV shows, movies and actors, and will provide information about where video entertainment can be viewed -- on cable, video-on-demand, online, at a movie theater or elsewhere.
Both Fandango and Fancast will be managed by Comcast Interactive Media, the operator’s Internet-businesses unit. Comcast said Fandango will provide e-commerce capabilities for other CIM sites, including Comcast.net, and will be an additional source of traffic and revenue.
Fandango, which has about 60 employees, will remain based in Los Angeles. CEO Chuck Davis will continue to run the site’s day-to-day operations.
Banc of America Securities was Fandango’s financial advisor in connection with the deal.
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