SAN DIEGO (Dow Jones News) -- In a move to help its artists organize and produce their own events, Internet music retailer MP3.com Inc. said Wednesday it is acquiring the online event-planning company seeUthere.com for about $150 million,
In morning trading, shares of MP3.com surged $6.75, or 27 percent, to $32 on the Nasdaq Stock Market.SeeUthere.com, a closely held company, provides online ticketing, customized Web sites, invitation and RSVP management and sales monitoring for events.
MP3.com, which went public in July, operates a Web site with more than 250,000 songs from some 40,000 artists. Its customers can search for, preview and download music free of charge.
MP3.com, based in San Diego, has 68.5 million shares outstanding. It posted a third-quarter loss of about $19.9 million, or 33 cents a share, on revenue of about $4 million.
MP3.com said it will issue about 5.9 million shares of common stock as part of the transaction, expected to close in the first quarter next year.