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eBay (EBAY) announced that it is buying rapidly growing online ticket broker StubHub for $310 million in cash. eBay announced the deal late Wednesday after the news had already been leaked to the media.

"StubHub's business model is an excellent fit with eBay, a company we've admired for a long time," Fluhr said in a statement. "StubHub exists to serve passionate fans and we feel great knowing our customers will benefit from the power of eBay and its community of users."

Apart from the obvious fit into the eBay family, the synergies that can be extracted from the deal are extensive and start with full integration of the PayPal payment system onto the site. Personally, I think it is a great acquisition for eBay's core business.

Source: eBay Acquires Online Ticket Broker StubHub