A first earnings report shows the company actually paid $184M for Ticketfly, down from $201M.
Eventbrite got a $17 million discount on Ticketfly, Billboard has learned, reaching an agreement with Pandora to settle a promissory note that dropped the price of the ticketing company by about eight percent.
In total, Eventbrite paid $184 million for Ticketfly after originally agreeing to pay $201 million in September 2017. The deal was financed with $151 million in cash and a $50 million promissory note with a five-year maturity and an interest rate of 6.5 percent. Last week, it was revealed that Eventbrite and Pandora renegotiated the loan in March, with Eventbrite agreeing to settle the note in full for $34.7 million, representing $33 million in principal and $1.7 million of accrued interest.
The $184 million price tag represents a 46 percent drop from the $335 million that Pandora paid for Ticketfly in October 2015. That deal was originally valued at $450 million, but a steep drop in Pandora’s share price after the deal was announced cut the value of the transaction down by about 25 percent.