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News Limited exits ticketing business
Stating that it is to "focus firmly" on its "core publishing and broadcast businesses", News Limited has announced that is moshtix ticketing business has been acquired by its management and that its Foxtix reserved seating company is to be wound down.
The change of direction by News Limited will see moshtix acquired by its Chief Executive Harley Evans and business partner Vanessa Bond, who have now taken control of the business.
As part of the deal, News will provide transitional services to the moshtix's general admission ticketing business, including continued marketing support.
Explaining the change, Evans stated that the transaction comes after the company and News Limited came to the mutual agreement that the acquisition would benefit moshtix.
Evans explained "during our time with News we've confirmed moshtix as Australia's best loved ticketing brand for live music and festival events. It's been a fantastic ride, but we're keen to be masters of our own destiny.
"I'm delighted that the agreement to go our separate ways has been so amicable and that News will continue to support us through a transition phase.
"Vanessa and I have great plans for moshtix and are thrilled to be leading such a wonderful team and fantastic business."
Announcing the change, News Limited's Chief Financial officer Stephen Rue stated "Harley and the team have done a sterling job in building moshtix it really is a terrific business.
"However, with our focus firmly on our on core publishing and broadcast businesses, we decided to accept Harley and Vanessa's buyout offer.
"We gladly agreed to support them through the transition to becoming an independent company, and wish them and everyone at moshtix the very best in the future."
Explaining the closing down of Foxtix, Rue added "Foxtix has had some great wins since it launched.
"It shook up the ticketing industry and won some big accounts.
"However, as we focus on our core publishing business, we have decided to close Foxtix.
"To ensure no disruption to existing ticket holders, the company will deliver a number of forthcoming events over the next 12 months."
Launched in last 2010 with aim to "take on the Ticketek/Ticketmaster duopoly with an aggressive entry into mainstream major event ticketing", Foxtix had been successful in the wider reserved seating, community, arts and sporting events markets and had secured the ticketing rights to the Australian Grand Prix and Motorcycle Grand Prix, Sydney Royal Easter Show, Womadelaide and a number of other venues and events.
With more than 15 years senior management experience in entertainment and ticketing in Australia and abroad, Harley Evans joined News in 2010 as Commercial Director of moshtix, before becoming Chief Operating Officer in 2011 and then Chief Executive.
18th October 2010 - NEWS LIMITED LAUNCHES FOXTIX
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