4

It's Official: Live Nation and Ticketmaster Merge

^
Keep Houston Press Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of Houston and help keep the future of Houston Press free.

The boards of directors of concert-industry giants Live Nation and Ticketmaster have approved a merger agreement, CNNmoney.com reported today, a deal expected to take effect later this year. The deal is a stock swap that awards Ticketmaster shareholders 1,374 shares in Live Nation per share. Not including debt, the value of the newly named Live Nation Entertainment is estimated at $2.5 billion.

The deal will bring almost every aspect of the live-music business - promotion, marketing, ticketing, merchandising, artist management - under one umbrella and, understandably, is expected to come under heavy scrutiny from antitrust regulators and elected officials. One, Senator Charles Schumer (D-N.Y., right), is already on the warpath over the recent debacle where people logging onto Ticketmaster's Web site to buy tickets for Bruce Springsteen's upcoming Working on a Dream tour received a "technical difficulties" message and were directed to secondary ticket broker TicketsNow - a Ticketmaster subsidiary - which was selling them at a considerable markup.

 "This merger would give a giant, new entity unrivaled power over concertgoers and the prices they pay to see their favorite artists and bands," Shumer said. "It must be viewed skeptically and scrutinized with a fine-tooth comb by the Justice Department and the Federal Trade Commission."

Ticketmaster chairman Barry Diller called Schumer's statement "factually untrue." If you think the fur is flying now, just wait until Bob Lefsetz weighs in. 

Keep the Houston Press Free... Since we started the Houston Press, it has been defined as the free, independent voice of Houston, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Houston with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.

 

Join the Press community and help support independent local journalism in Houston.

 

Join the Press community and help support independent local journalism in Houston.