Thursday, Feb. 24, 2011 | 8 a.m.
The owner of Las Vegas discount show ticket seller Tix4Tonight is buying the assets of competitor VegasTix4Less and the companies have settled lawsuits filed against each other.
Tix Corp., owner of Tix4Tonight; and VEGAS.com, owner of VegasTix4Less, announced the arrangement Thursday. VEGAS.com and the Las Vegas Sun are both part of The Greenspun Corporation.
Tix is paying $4 million for the VegasTix4Less assets, $2 million upfront with the remaining $2 million to be paid over the next eight years.
In 2009, VegasTix4Less, which at the time had five locations in Las Vegas and California selling discount Las Vegas show and tour tickets, sued Tix4Tonight alleging antitrust violations.
Tix4Tonight at the time had eight locations on the Las Vegas Strip selling tickets at discounts up to 50 percent.
The same year, Tix4Tonight sued VegasTix4Less, alleging trademark infringements.
The companies didn't immediately say how the VegasTix4Less locations may be affected by the settlement.
"The parties have agreed to work together to identify additional opportunities to serve Las Vegas tourists," the companies said in a statement, adding VEGAS.com has licensed Tix's U.S. patent covering the distribution of discount tickets.
"The outcome of this settlement put an end to costly litigation; procured a valuable acquisition; licensed our patent and established an excellent working relationship with VEGAS.com,'' Mitch Francis, CEO of Tix Corp. in Studio City, Calif., said in a statement.
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