AEG has acquired AXS Tickets from majority co-owners TPG Capital and Dan Gilbert’s Rockbridge Growth Equity.
AEG, which already held a 38 per cent stake in the ticketing firm, has yet to confirm the acquisition, but the company has been its official North American ticketing partner since last September.
AXS has this year had two unsuccessful bids from other ticketing companies. German firm CTS Eventim looked into a merger or acquisition while Nathan Hubbard, with startup ticketing company Rival also made a bid. AEG made it clear it would not give up operational control.
In 2015, AXS merged with Veritix, the ticketing company created by NBA’s Cleveland Cavaliers owner Gilbert, which meant TPG and Rockridge together held 62% of the company while AEG held a 38% stake.
The US concert market is set to become less restricted as the consent decree governing Ticketmaster and Live Nation’s merger runs out in 2020.
AXS has partners including Major League Soccer (MLS) franchise Real Salt Lake and its Rio Tinto Stadium. It is also the official secondary ticketing partner of Las Vegas’ T-Mobile Arena with StubHub.
The concert promoter has operated under the consent decree since 2010, which is set to expire in July 2020, that bars Live Nation from withholding concerts and tours from buildings that do not use Ticketmaster, or retaliating when venues go with a competitor.
AEG plans to develop its own resale offering as well as looking to merge or acquire a new a ticketing partner, according to TheTicketingBusiness.com.
AEG is also reportedly also looking to pursue a non-exclusivity model for new clients, where promoters who bring shows to the building can use the ticketing technology of their choice. This would mean that instead of paying an advance for upfront exclusivity, venues using AXS would be allowed to use Ticketmaster for any Live Nation shows brought to their facilities.