Ticketmaster, the leading ticket sales website owned by IAC/InterActiveCorp (NYSE: IACI) is being sued by the Cleveland Cavaliers. The NBA basketball team accuses the company of anticompetitive and monopolistic practices.
According to the Associated Press, "The Cavaliers allege in the lawsuit that Ticketmaster is trying to prevent the team's Flash Seats secondary-ticketing Web site from competing with the ticketing giant. Flash Seats provides season ticket holders a way to sell and transfer seats electronically _ a system that is superior to Ticketmaster's TeamExchange program, the lawsuit says."
Ticketmaster has also sued the team, claiming that its contract makes the relationship with Flash Seats illegal.
As Doug McIntyre wrote earlier, IAC reported disappointing earnings today sending the stock down more than 5%. But the drop does not appear to be attributable to the Ticketmaster lawsuit.
Zac Bissonnette is a partner and writer for Hedge Funnies, a satirical take on the financial markets.
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Reader Comments (Page 1 of 1)
7-31-2007 @ 7:38PM
steven said...
ticketmaster are the biggest scumbags on the planet.trying going to a concert at a major arena in this country and try not to go thru ticketmaster.they allow people outside of the state where the ticket is being sold to buy tix and then sell them on ebay for higher prices.