Watch out, StubHub. Another player just came off the beach. Mobile platform SeatGeek will replace StubHub immediately as the league’s official reseller. Financial terms weren’t disclosed, but industry sources told the deal is a revenue-sharing agreement that promises MLB roughly $100 million annually over five years.

SeatGeek was founded in 2009 and is valued at $1.2 billion, according to PitchBook. In August 2022, the company raised a $238 million Series E from investors, including Utah Jazz billionaire Ryan Smith. In June, SeatGeek and blank-check firm RedBall Acquisition Corp. terminated a $1.35 billion agreement to go public amid a tumultuous financial market.

SeatGeek makes its money from transaction fees. The agreement with MLB adds to the company’s sports portfolio. It includes the NFL’s Arizona Cardinals, Baltimore Ravens, Dallas Cowboys, New Orleans Saints, and Washington Commanders. Forbes reported that SeatGeek is paying the Commanders $10 million to $12 million annually for four years. Also, SeatGeek landed a significant partner in collegiate sports ticketing giant Paciolan for its secondary rights. That deal starts in July. In addition, the company has NASCAR, MLS, the NBA’s Cleveland Cavaliers, New Orleans Pelicans, and Jazz.

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