Tix Corp., which acquired anyevents.com and Exhibit Merchandising last year, continues to grow its live entertainment business with the purchase of show producer Magic Arts and Entertainment — Florida, Inc. for $1.5 million in cash and 476,000 shares of restricted stock.
Magic Arts currently produces major live events and theatrical productions throughout North America such as David Copperfield, “Jesus Chris Superstar” and Michael Flatley’s Lord of the Dance. The shareholders of the company can earn an additional 381,000 shares if they achieve certain, undisclosed milestones during the next 24 months.
Joseph Marsh and Lee Marshall, who co-founded the Magic Arts in November 2001, will become co-CEOs of Tix Productions, a newly formed subsidiary of Tix Corp. Magic Art’s team will remain in place in Cleveland, OH and Salt Lake City, UT.
“Tix Corporation’s existing ticketing and merchandising businesses compliment our touring entertainment activities and gives us opportunities and resources to significantly grow our successful platform,” Marshall said in a statement.
“The addition of Magic to Tix Corporation reflects our deep commitment to becoming an integrated entertainment company,” Mitch Francis, president and CEO of Tix Corporation, said in a statement. “Magic will bring one of the most talented teams in the entertainment business to Tix.”
(The image accompanying this story is from MagicWebChannel.com)