PHILADELPHIA, April 11 (UPI) -- Comcast Corp. said Wednesday it would buy movie-ticket site Fandango Inc. as the U.S. cable operator launches an online entertainment business.
Terms of the purchase were not disclosed. The deal is expected to be completed by June.
Comcast's new entertainment business, called Fancast.com, will launch this summer, letting users search for shows, movies, actors and actresses, or watch video content, Comcast said.
Fandango will be an "integral component" of Fancast, while remaining an online source of movie theater information, show times and ticketing, Comcast said.
The two sites will be managed by Comcast's interactive media unit, which also manages Comcast.net.
Fandango Chief Executive Chuck Davis will remain at his post and the company will stay based in Los Angeles.
"Comcast will leverage its experience as the nation's largest buyer of video content, serving nearly 25 million cable customers and 11.5 million broadband customers, to expand its existing video-centric Web sites and create a new online destination," the largest U.S. cable company and Internet service provider said.
Fandango.com is one of the largest U.S. movie sites, with 4 million to 5 million unique visitors a month. Its owners include the two largest U.S. theater chains, Regal Entertainment Group and AMC Entertainment Inc.
