There were reports that the two ticket vendors had merger plans, but now it's official: Ticketmaster and Live Nation (NYSE: LYV) have announced the deal. It's a tax-free, all stock merger with a combined value of approximately $2.5 billion, and the new entity will be called Live Nation Entertainment. The deal is subject to the usual legal issues, including regulatory review, and there's sure to be some pressure against it from the music industry and others who see this consolidation as a threat.Release.
Management: A lot of ego to fit into one space ... Barry Diller, chairman of Ticketmaster Entertainment, will be chairman of the board with Michael Rapino, now CEO of Live Nation, as CEO and president, and Irving Azoff, now CEO of Ticketmaster, as executive chairman and CEO of Front Line.
More to come.
By Tameka Kee