This is really not good news for concert goers. We need a better system, not one huge company that controls the venues and the tickets. From the USA TODAY website.
The boards of Live Nation and Ticketmaster Entertainment unanimously agreed on Monday to merge their companies — potentially creating a concert and live entertainment behemoth.In announcing the deal Tuesday morning the companies said they plan an all-stock merger of equals. The combined company will be called Live Nation Entertainment.
Under terms of the deal, Ticketmaster shareholders will receive 1.384 shares of Live Nation stock for each share of Ticketmaster they hold. The companies estimated the value of the combined business at about $2.5 billion and said the deal will help them save about $40 million annually.
“Being able to put Live Nation and Ticketmaster into an equal partnership will allow the companies to get through this difficult period and be able to expand live entertainment options to audiences throughout the world,” Ticketmaster Chairman Barry Diller said.
But regulatory experts have said the deal could be delayed by an antitrust review because of the companies’ dominant role in the entertainment business.
For more on the story, go HERE.