MLB Firm To Buy

An Internet company owned by Major League Baseball agreed to acquire, based in Costa Mesa, Calif., said Tuesday its directors appointed a committee to review the process and approve the agreement and merger plan.

About a quarter of the company’s $70 million annual revenue is from the online sale of baseball tickets while the rest comes from concerts and other sports and events. The company offered $1.10 for each outstanding share of the online ticket seller.

“It is essential for this industry to set the standard for our fans, providing them with the best experience not just on the field, but getting there as well,” said Robert DuPuy, Major League Baseball’s president and chief operating officer.

MLBAM, owned by the major league teams, manages the league’s official Web site and the sites of individual teams. It said it had also secured a line of credit of $125 million from Bank of America Corp. and JPMorgan Chase & Co.

Associated Press