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StubHub announced this week it won a major contract with MLB's New York Yankees. The news is notable as the eBay Inc (NASDAQ: EBAY)-owned ticket selling company edged out rival Ticketmaster.
According to AM New York, the deal involves a 6.5-year revenue-sharing agreement with the Yankees to resell tickets for the iconic sports franchise.
ESPN (Walt Disney Co (NYSE: DIS)) estimated the deal will begin on July 7 and could be worth around $100 million to the Yankees. However, StubHub told Reuters that the value of the deal was "definitely not that high."
The deal between StubHub and the Yankees also marks the end to a long-lasting dispute over ticket pricing. The Yankees complained that StubHub were reselling tickets to its games too cheaply and did not have a floor pricing.
The Yankees even changed their own ticket policy to prevent StubHub from selling digital tickets and required fans to pick up a hard copy of the ticket at a StubHub office close to the baseball stadium.
As part of the deal, StubHub will also be allowed to advertise its business inside Yankee Stadium.
Shares of eBay were trading higher by around 0.50 percent at $22.85 early Tuesday afternoon.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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