Cendant Corp., the direct marketing and franchising giant, has reached an agreement with Ticketmaster Online-CitySearch Inc. to sell Match.com Inc. for about $50 million in TMCS common stock. Cendant said it expects to realize a gain of about $25 million. The transaction is subject to customary regulatory approval and is expected to close in early summer 1999.
Match.com (http://www.match.com) is an online matchmaking service that currently has over 120,000 active members and receives more than 20 million page views each month. Match.com derives its revenues from subscriptions, advertising and commerce.
Meanwhile, Cendant said it will create a new residential real estate super-site on the Internet. The site will be developed and managed by a new Cendant company, based in San Francisco, that will integrate many of Cendant’s existing online real estate-related services.
The site is expected to support the online efforts of Cendant’s existing residential real estate brands (Century 21, Coldwell Banker and ERA) and real estate-related units (Cendant Mobility and Cendant Mortgage) by providing value-added services and greater convenience to consumers, franchisees and their sales associates.
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