TM Buys Aussie Partner

Ticketmaster has signed an agreement to acquire the remaining shares in Ticketmaster7, its Australian arm, from media conglomerate Seven Network Limited.

Financial terms of the deal were not disclosed. Ticketmaster will now wholly own the Australian operation, which began as BASS Victoria in 1978. Ticketmaster7 was created as a joint venture between Ticketmaster and Seven in 1999.

Seven, which owns Australia’s largest commercial television network as well as a variety of print publications, will continue to provide marketing cooperation and brand association with Ticketmaster7 “for the immediate future,” according to a statement.

Ticketmaster7 President Phil Meggs said the company’s immediate plans include an upgrade of its Web site and expansion into new local markets.