Justice Department approves Ticketmaster-Live Nation merger
January 26, 2010
(ChattahBox) – The US Department of Justice has approved the proposed merger of ticket seller Ticketmaster and concert promoter and ticket seller, Live Nation, after a year-long investigation. The proposed $889-million deal first announced in February ’09, might not end up being as anti-competitive as many first thought. Even though the merger creates a juggernaut in the music industry, with the combined company able to manage artists, book them at venues that it owns and sell tickets to their concerts.Handling the first major review for the Obama administration antitrust regulators, the The Justice Department has applied some conditions to the approval, such as making Ticketmaster “license its ticketing software to competitor AEG and selling its subsidiary Paciolan to Comcast Spectacor,” essentially creating a pair of rivals to ensure a competitive market for ticket sales. The companies accepted the conditions and closed the deal Monday afternoon. The new company will be called Live Nation Entertainment Inc..