Live Nation, Ticketmaster Propose Merger Deal
Tue, 10 Feb 2009 14:23:18
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Live Nation Inc. and Ticketmaster Entertainment confirmed their rumored merger this morning, proposing a joint company called Live Nation Entertainment. The potential all-stocks deal was approved by both companies' boards and would be worth around $2.5 billion if it makes it past an anti-trust review.
"Being able to put Live Nation and Ticketmaster into an equal partnership will allow the companies to get through this difficult period,” Ticketmaster chairman Barry Diller said in a statement, "And be able to expand live entertainment options to audiences throughout the world."
According to Pollstar figures, Ticketmaster sells concert tickets in 80-percent of the nation's major arenas and stadiums. Live Nation, on the other hand, is the world's top concert promoter and owns more than 140 venues. They also have a ticketing service and special deals with Madonna, Jay-Z, U2, Nickelback and Shakira.
One artist who isn't thrilled with the idea of Live Nation Entertainment is Bruce Springsteen, who posted a statement on his Web site, saying the deal would return us "to a near-monopoly situation in music ticketing."
—The ARTISTdirect Staff