Ticketmaster venture goes public
USA Networks' Ticketmaster Online-CitySearch files an initial public offering with the SEC for about $92 million worth of class B common stock.
The company has applied to trade under the "TMCS" symbol on Nasdaq. The offering will be managed by NationsBanc Montgomery; Allen & Company; BancBoston Robertson Stephens; Bear, Stearns; and Donaldson, Lufkin & Jenrette.
USA Network in the SEC filing did not disclose the total number of shares that will be offered or the price per share of the offering.
In August, CitySearch was set to go public but postponed its IPO at the last moment to announce that the company had entered into an agreement with USA Networks' Ticketmaster to merge CitySearch with Ticketmaster Online.
The merger was completed this week.
CitySearch provides local entertainment and restaurant guides on the Web funded by merchants, and Ticketmaster Online allows computer users to purchase event tickets instantly and without a middleman.
Together, they will be able to provide the listing and the ticketing in a one-stop shopping site.
The company said it will use the proceeds of the IPO to fund capital expenditures relating to its Internet sites, for working capital, to repay in full a convertible note, and other general corporate purposes.