Nathan Hubbard’s ticketing startup Rival has been purchased by Ticketmaster, Billboard has learned.
Launched in 2018 from the Ticketmaster primary executive, Rival had goals of demanding the Live Nation-owned ticketing company’s dominance in North America, but struggled to start and after months of discussions, was offered by shareholders.
In March the Department of Justice declared the purchase of this ticketing startup along with its profitable arrangement with Kroenke Sports and Entertainment. The purchase also included Rival’s technologies and staff, minus Hubbard, who’ll pursue other ventures, sources affirmed.
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Hubbard raised more $30 million for Rival within its attempt to come up with a challenger to Ticketmaster, however the company never sold a ticket and finally ceded the Kroenke contract into Ticketmaster in August. Billionaire Stan Kroenke’s amusement empire is one of the most coveted in sports and live entertainment, and includes several professional sports teams and venues, such as the Pepsi Center and Dicks Sporting Goods Park in Denver, in addition to the newest SoFi Stadium in Los Angeles.
Stan Kroenke’s son Josh Kroenke was an investor in Rival together with Andreessen Horowitz along with Upfront Ventures. All three sold their stakes in Rival within their acquisition.
The ticketing arrangement for Altitude Tickets — the regional ticketing new for Kroenke’s Colorado places, which include 1st Bank Center in Broomfield, Denver’s Paramount Theatre and the Colorado State Fair in Pueblo — had previously been maintained by AEG’s ticketing company AXS.
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Instead of shifting to Rival in July when AXS’ contract ended, Kroenke transitioned its events to Ticketmaster and the 3 companies began negotiating the sale of Rival. The deal received the blessing of the Department of Justice, which tracks Ticketmaster within a consent decree linked to its purchase by Live Nation in 2010. Earlier this year This decree was extended through 2025.
Billboard achieved to Ticketmaster and Rival with this Report. Neither chosen to offer a comment.
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