LIVE NATION & TICKETMASTER MERGER APPROVED BY LENDERS

Last updated: Wednesday, May 13, 2009

LIVE NATION & TICKETMASTER MERGER APPROVED BY LENDERS

The merger of music industry giants Live Nation and Ticketmaster has taken a step forward - a majority of lenders have given the green light for the deal to go ahead.

Live Nation President and CEO Michael Rapino testifies before the Senate Judiciary Committee's Antitrust, Competition Policy and Consumer Rights Subcommittee in regards to the proposed merger of Ticketmaster And Live Nation and the impact it would have on consumers and the concert business. Washington DC, USA - 24.02.09

Plans for the the concert promoter and the ticketing website to join forces were put into place earlier this year (Feb09).

The merger would create an industry superforce in a deal estimated to be worth a staggering $575 million (£396 million), and has been backed by musicians including Seal, Shakira and Eddie Van Halen.

But before the merger can go ahead, executives at both companies must justify the move to the U.S.'s Subcommittee on Antitrust, Competition Policy and Consumer Rights. The case is currently under consideration.

However, Ticketmaster revealed on Tuesday that the unification is well under way, after 50 per cent of lenders approved the move - one of the major hurdles standing in the way of closing a deal.

The merger is expected to be finalised in the autumn (09).

Source: WENN

| Wednesday, May 13, 2009

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LIVE NATION & TICKETMASTER MERGER APPROVED BY LENDERS

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