News: Live Nation To Purchase Ticketmaster In $2.5 Billion Deal
Tuesday, Feb 10, 2009 1:00PM
Live Nation has announced further details on their purchase of Ticketmaster, reportedly putting up a deal worth $2.5 billion which will bring together over 200 artists including Jay-Z, Madonna, Miley Cyrus and more.
Company executives have confirmed the upcoming merger.
Live Nation Inc. and Ticketmaster Entertainment Inc. said Tuesday that they've agreed to merge in a $2.5 billion all-stock deal that would combine the nation's top ticket provider, artist management company and concert promoter under one roof. The deal could have a sharp impact on the way the music business works. It will also face heavy anti-trust scrutiny, with one top lawmaker already vowing to stop it. (Market Watch)
Representatives from Ticketmaster have reacted to the announcement.
"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. (USA Today)
The deal will retain both companies' CEOs in their own respective positions.
Live Nation CEO Michael Rapino will run the new company as CEO while Ticketmaster Entertainment CEO Irving Azoff will be executive chairman. Ticketmaster chairman Barry Diller will be non-executive chairman. (Billboard)
Over 200 artists will now be united under one company.
The marriage of the world's biggest concert promoter and the leading ticketing and artist-management company will create a dominant force in the industry with ties to more than 200 artists such as the Eagles, Miley Cyrus, Christina Aguilera, Madonna and Jay-Z. A successful deal will also crown Live Nation's longstanding efforts to mold itself into a diversified conglomerate with businesses beyond concert promotion. (Reuters)
No word has been given on when the deal will be completed.