CBS Corporation and TicketRESERVE Strike Partnership
CBS Corporation announced that it has invested in TicketRESERVE, http://www.ticketreserve.com, a privately-held online marketplace that gives consumers the ability to buy tickets to premier live events at face value well in advance of the events themselves.
TicketRESERVE operates a proprietary electronic marketplace for hard-to- get tickets as follows: Fans purchase reservations, known as FanFORWARDs, for a specific team, artist, or event, guaranteeing them the right to buy face- value tickets. FanFORWARDs can then be bought and sold through a free-market trading system, or used to buy a face-value ticket should the selected event come to pass. For example, USC fans who want to attend this year’s BCS College Football National Championship game if USC qualifies can buy FanFORWARDs that guarantee them the ability to buy tickets to that potential event.
TicketRESERVE has a growing list of partnerships with sports and entertainment properties allowing it to sell face value tickets through its FanFORWARD initiative.
“CBS’s sports programming both on air and online evokes passion in millions of fans across the country,” said Joe Ianniello, Senior Vice President and Chief Development Officer of CBS Corporation. “TicketRESERVE allows us to connect with our audience in yet another way, while offering leagues the potential of an exciting new revenue stream. And going forward, we believe that TicketRESERVE can integrate with our non-sports programming as well. It also represents another strategic investment to extend our traditional businesses into the Interactive landscape.”
CBS SportsLine, CBS Sports, CSTV, CBS Radio, and CBS Interactive will work closely with TicketRESERVE to expand CBS’s presence in live event properties. At the same time, the Company will provide TicketRESERVE with marketing, broadcasting, and online resources to grow its business. In addition, Ianniello has joined the Board of Directors of TicketRESERVE.
“We are pleased to be working with Joe and the entire team at CBS,” said Rick Harmon, founder, Chairman and CEO of TicketRESERVE. “With the resources of CBS, and the incredible multimedia organization that they are, we are confident that this transaction will provide TicketRESERVE the means to continue to extend our reach and engage consumers with unprecedented access to the most highly coveted live sports and entertainment events.”