Barry Diller's Ticketmaster has acquired a majority stake in Emma Entertainment, a provider of ticketing and event promotions services in China, for an undisclosed sum.
In a company press release, Ticketmaster says the investment in Emma Entertainment reflects Ticketmaster's continued commitment to fostering the growth of live events in China. It marks the third investment Ticketmaster has made in the market in the past twelve months, following the formation of Beijing Gehua Ticketmaster Ticketing Company and Broadway China Network.
"What attracted us to Emma is great local management. Jonathan Krane, Emma Entertainment's CEO, has done a fantastic job navigating the complicated dynamics of the rapidly developing Chinese market," said Eric Korman, executive vice president, Ticketmaster. "Under Jon's leadership, Emma has established more than 30 exclusive ticketing venue contracts in five different major cities in China in just three years of operation. Equally as important, Emma has been instrumental in presenting many major events into the People's Republic of China, such as the Rolling Stones and Eric Clapton." Korman continued, "We're thrilled about the investment and we look forward to working with all of our partners to accelerate live events in the PRC."
Emma Entertainment will now change its name to Emma Ticketmaster, and become an operating business of Ticketmaster. Krane will remain CEO and will continue to be responsible for leading Emma's business and strategic operations in China. Tikcetmaster is a subsidiary of IAC (IACI), which media mogul Barry Diller runs.