An Internet company owned by Major League Baseball agreed to acquire Tickets.com.
Tickets.com, based in Costa Mesa, Calif., said Tuesday its directors appointed a committee to review the process and approve the agreement and merger plan.
About a quarter of the company's $70 million annual revenue is from the online sale of baseball tickets while the rest comes from concerts and other sports and events. The company offered $1.10 for each outstanding share of the online ticket seller.
"It is essential for this industry to set the standard for our fans, providing them with the best experience not just on the field, but getting there as well," said Robert DuPuy, Major League Baseball's president and chief operating officer.
MLBAM, owned by the major league teams, manages the league's official Web site and the sites of individual teams. It said it had also secured a line of credit of $125 million from Bank of America Corp. and JPMorgan Chase & Co.
OAKLAND BEATS CRUZ IN ARBITRATION: Pitcher Juan Cruz lost to the Oakland Athletics in salary arbitration Tuesday and will get $600,000 instead of the $860,000 he had requested.
The 26-year-old right-hander, acquired by the A's from Atlanta in the Tim Hudson trade in December, was 6-2 with a 2.75 ERA in 50 relief outings last season, when he made $370,000.
Arbitrators Jack Clarke, Janet Gaunt and Stephen Goldberg made the decision one day after hearing the case in Tampa.
Owners have a 2-1 lead over players with two cases remaining: Baltimore pitcher John Parrish and Cincinnati right-hander Ramon Ortiz. There will be at most five cases that go to hearings this year, equaling the low set in 1997 and matched in 2002.
Minnesota right-hander Kyle Lohse won last week and Kansas City left-hander Jeremy Affeldt lost.