Comcast Reaches Agreement to Acquire Fandango and Announces Plan to Launch Fancast.com, New National Online Destination
PHILADELPHIA, PA and LOS ANGELES, CA
Comcast Corporation (Nasdaq: CMCSK, CMCSA), the nation's leading provider of cable, entertainment and communications products and services, today announced that it has reached an agreement to acquire Fandango, the nation's premier destination for movie information, showtimes and ticketing, and one of the Web's top entertainment sites. The company also announced plans to launch Fancast.com, a new national online destination that will enable consumers to search, discover, manage and enjoy their entertainment experience across many devices and channels, including television, computers, DVDs and wireless services.
Comcast has a major Internet presence, through Comcast.net, which is now a top 10 site with more than 2.5 billion page views, more than 80 million videos viewed and 15 million unique visitors per month. Comcast will leverage its experience as the nation's largest buyer of video content, serving nearly 25 million cable customers and 11.5 million broadband customers, to expand its existing video-centric websites and create a new online destination, Fancast.com.
Fandango, which is a top online brand and destination where millions of people visit every month to learn about movies and purchase theater tickets, will be an integral component of the Fancast user experience. Fandango.com is already a top entertainment site and one of the nation's largest movie sites with between 4 and 5 million unique visitors each month. Fandango has long-term, exclusive relationships with many national theater chains that provide it a consistent, unique and dedicated audience of entertainment-oriented consumers. Working closely with these exhibitor partners, Fandango will continue to pursue its core mission of being the leading online destination for movie theater information, showtimes and ticketing at Fandango.com.Fancast, which will launch this summer, will be a national entertainment site where people can search and discover television and movie content, while managing their viewing experience across multiple devices. With Fancast, consumers will be able to search for their favorite shows, movies, actors and actresses, or simply enjoy the video content on the site. Fancast will provide consumers with a place to discover when their favorite shows or movies are "on," and where they can view them via television, video-on-demand, online or on other devices.
Both Fandango and Fancast will be managed by Comcast Interactive Media (CIM), a division of Comcast which develops and operates Internet businesses focused on entertainment, information and communication. Fandango will provide key commerce capabilities for CIM sites and will be an additional source of traffic and revenue. CIM sites, including Comcast.net and Fancast.com, will prominently feature Fandango, which will significantly expand Fandango's current audience.
"Fandango is one of the strongest entertainment brands online as well as a dynamic, profitable business with a superb management team and rapidly growing advertising revenue," said Amy Banse, President of Comcast Interactive Media. "Adding Fandango to Comcast Interactive Media and creating Fancast.com will enable us to leverage our combined assets to offer consumers an outstanding entertainment experience."
"Comcast will enable us to expand our reach with moviegoers, enhance our product, and grow Fandango into an even bigger brand and stronger business," said Chuck Davis, Chairman and CEO of Fandango. "Fandango is all about helping consumers with their entertainment decisions - and we're excited that Comcast will enable us to deliver our content and services to an even wider audience."
Fandango will continue to be led by CEO Chuck Davis who will work with Comcast Interactive Media to grow Fandango's online entertainment and ticketing business and expand the Fandango e-commerce experience across platforms and brands. Fandango will remain headquartered in Los Angeles.
Fandango's major investors include Accretive Technology Partners and Technology Crossover Ventures and the nation's leading theater chains. Banc of America Securities LLC acted as financial advisor to Fandango in connection with this transaction. The deal is expected to close in the second quarter.
Comcast Corporation (Nasdaq: CMCSA; CMCSK) (http://www.comcast.com) is the nation's leading provider of cable, entertainment and communications products and services. With 24.2 million video customers, 11.5 million high-speed Internet customers, and 2.5 million phone customers, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.
Comcast's content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, VERSUS, G4, AZN Television, PBS KIDS Sprout, TV One, four regional Comcast SportsNets and Comcast Interactive Media, which develops and operates Comcast's Internet business. Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.
One of the Web's top movie and entertainment destinations, Fandango sells tickets to more than 15,000 screens. Fandango entertains and informs consumers with reviews, commentary and trailers, and offers the ability to quickly select a film, plan where and when to see it, and conveniently buy tickets in advance. Fandango is available at www.fandango.com, 1-800-FANDANGO and via your wireless mobile device at mobile.fandango.com.
Fandango theater partners include the nation's leading exhibitors: AMC Theatres, Carmike Cinemas, Century Theatres, Cinemark Theatres, Edwards Theatres, Regal Cinemas and United Artists Theatres, as well as American Cinematheque, Brenden Theatres, Bow Tie Cinemas, CineArts Theatres, Cineplex Galaxy Cinemas, Cobb Theatres, Colorado Cinemas, Hollywood Theaters, Kerasotes Theatres, IMAX, Majestic Crest Theatre, Premiere Theatres, R/C Theatres, and Wehrenberg Theatres.
About Comcast Interactive Media:
Comcast Interactive Media (CIM), a division of Comcast Corporation (Nasdaq: CMCSA, CMCSK), develops and operates Internet businesses focused on entertainment, information and communication, including Comcast.net. CIM builds upon Comcast's extensive assets and experience as the country's largest video and broadband service provider and leverages Comcast's advanced broadband network, technology, and content relationships to build innovative new online services. In addition to comcast.net, CIM's products include Ziddio.com, a national multi-platform user-generated site bringing together premium networks and partners to host co-branded contests with unique prizes; GameInvasion.net, a national online site offering a rich entertainment experience for hardcore gaming enthusiasts; and thePlatform, the industry-leading provider of digital media publishing solutions enabling major content owners and service providers to manage and publish media over broadband and wireless networks to multiple devices. CIM will continue to roll-out new national online sites in 2007.