Ticketing and merch company Tix Corporation has thrown its hat into the entertainment biz with the recent acquisitions of Magic Arts & Entertainment – Florida Inc. and New Space Entertainment Inc.
NewSpace, which promotes Broadway, theatricals, concerts and lectures including "Mamma Mia," "The Lion King" and David Sedaris, along with Magic Arts, which produces events including David Copperfield, "Jesus Chris Superstar" and "Michael Flatley’s Lord of the Dance," will be merged into a subsidiary – Tix Productions – that will focus wholly on live entertainment, according to a statement.
Tix Corp CEO Mitch Francis called the acquisitions a "milestone in our organization’s expansion into the production and promotion of live entertainment. We believe this new division will yield significant benefits to Tix, not just in terms of increased revenue, but also increased opportunities to enhance our other divisions of ticketing and branded merchandising."
Lee Marshall and Joe Marsh will assume control of Tix Productions as co-CEOs to produce and promote live entertainment in the U.S. and Canada.
The company picked up Magic Arts for $1.5 million plus 476,190 shares of restricted stock and New Space for an additional $1 million and 571,428 restricted shares.
Magic Arts shareholders also stand to gain an additional 380,952 shares of common stock if undisclosed EBITDA milestones are achieved within three years, the statement said.