Stokes, Ticketmaster pact for tix arm

Partners bring exclusive ticketing agreements to entity

By PHILLIPPE CAHILL

SYDNEY -- Kerry Stokes' Seven Network and Ticketmaster are combining forces to create joint venture Ticketmaster 7 covering ticket sales by phone, online and over the counter across Australia and New Zealand.

With the struggling broadcaster is keen to diversify its interests and further develop its online presence, Seven has agreed to purchase a 49.99% stake in Ticketmaster 7 through the network's existing online company i7.

News of the deal, which will see i7 roll its Western Australian ticketing company Red Tickets into the new joint venture, comes hot on the heels of the web's moves last week to acquire 12% of new-media and Internet group Channel E.

The Ticketmaster 7 deal is described as a "strategic alliance," with both partners bringing various exclusive venue ticketing agreements to the new entity.