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DOJ to Seek 'Major Concessions' on Live Nation-Ticketmaster

Authored by Mark Hefflinger on October 16, 2009 - 8:06am.
Washington - The U.S. Justice Dept. is providing "stiff resistance" to the proposed $1.5 billion merger of concert promoter Live Nation (NYSE: LYV) and Ticketmaster (NASD: TKTM), and will require "major concessions" from the companies if it is to approve any deal, The Wall Street Journal reported, citing several people familiar with the situation. One source said there are elements of the deal in its current form that would prompt the Justice Dept. to sue to block it from happening.
tags: Deals | Music | Acquisitions | Live Nation | DOJ | Ticketmaster | Ticketing |

U.K. Regulators Oppose Ticketmaster-Live Nation Merger

Authored by Mark Hefflinger on October 8, 2009 - 9:15am.
London - The U.K. Competition Commission has come out in opposition to the proposed $1.5 billion merger of concert promotion giant Live Nation (NYSE: LYV) and Ticketmaster (NASD: TKTM), saying it would hamper competition in the U.K. market and lead to higher prices. Specifically, the Commission said in its preliminary report that the deal would "severely inhibit" the ability of Germany-based rival CTS Eventim to enter the U.K. market.
tags: Deals | Music | Live Nation | Ticketmaster | Acqusitions | Ticketing | U.K. Competition Commssion | CTS Eventim |

WSJ: Ticketmaster, Scalpers Explored Deal to Sink Live Nation

Authored by Mark Hefflinger on August 28, 2009 - 9:41am.
New York - Current Ticketmaster (NASD: TKTM) CEO Irving Azoff met with a group of leading ticket brokers in 2007 in a bid to try to corner the market for secondary tickets, just as rival Live Nation (NYSE: LYV) announced plans to develop its own ticketing service independent of Ticketmaster, The Wall Street Journal reported. Azoff was still heading his Front Line Entertainment management firm -- in which Ticketmaster had a stake -- when he met with six large ticket brokers, and an offer was made for Ticketmaster to acquire them for as much as $25 million each.
tags: Deals | Music | Acquisitions | Live Nation | Cablevision | Ticketmaster | Ticketing | Van Halen | Front Line Management | Irving Azoff | AEG Live |

Congressman Urges Antitrust Veto of Live Nation-Ticketmaster

Authored by Mark Hefflinger on July 10, 2009 - 11:10am.
Washington - Rep. Bill Pascrell (D-N.J.) asked his fellow Congressmen to join him in urging the Justice Department's antitrust division to block the proposed $1.5 billion merger of live event giants Live Nation (NYSE: LYV) and Ticketmaster (NASD: TKTM), saying it will lead to higher ticket prices for consumers, Wired.com reported. "This merger violates both horizontal and vertical anti-trust principles, and will undoubtedly lead to higher ticket prices for the average fan," wrote Pascrell.
tags: Deals | Music | Acquisitions | Live Nation | DOJ | Ticketmaster | Ticketing | Bill Pascrell | Christine Varney |

Live Nation Sees 23% Drop in Concert Attendance in Q1

Authored by Mark Hefflinger on May 8, 2009 - 9:47am.
Los Angeles - Live Nation (NYSE: LYV), the concert promotion giant awaiting antitrust approval of its proposed $2.5 billion merger with Ticketmaster (NASD: TKTM), said this week that attendance at its North American events was down 22.6% in the first quarter, compared to a year ago, while reporting a loss of $102.7 million, or $1.29 a share.
tags: Deals | Music | Live Nation | Ticketmaster | Financials | Ticketing |

Ticketmaster President & CEO Moriarty Steps Down

Authored by Mark Hefflinger on March 31, 2009 - 11:58am.
West Hollywood, Calif. - Ticketmaster Entertainment (NASD: TKTM), whose proposed $2.5 billion merger with Live Nation is currently under antitrust review, said on Tuesday that Ticketmaster president and CEO Sean Moriarty has resigned. "While we will miss Sean's leadership and vision, we are confident that the management team in place, led by Irving Azoff, will help Ticketmaster continue to grow and prosper," said Ticketmaster chairman Barry Diller.

tags: Music | Moves | Ticketmaster | Ticketing |

Justice Dept. Seeks More Info on Live Nation-Ticketmaster Deal

Authored by Mark Hefflinger on March 20, 2009 - 7:18am.
Los Angeles - Concert promotion giant Live Nation (NYSE: LYV) and Ticketmaster Entertainment (NASD: TKTM) announced on Friday that they have each received an "expected" second request from the U.S. Justice Department, for additional information regarding their proposed $2.5 billion merger.
tags: Deals | Law | Policy | Music | Acquisitions | Live Nation | DOJ | Ticketmaster | Ticketing |

Azoff-managed Artists Lobby Congress for Ticketmaster Merger

Authored by Mark Hefflinger on March 12, 2009 - 12:49pm.
Los Angeles - In letters to Congress expressing their support for the proposed merger of concert promoter Live Nation (NYSE: LYV) and Ticketmaster (NASD: TKTM), several high-profile artists neglected to mention that they are represented or co-managed by Irving Azoff, the founder of Front Line Management who also recently became CEO of Ticketmaster, Hypebot reported. Billy Corgan of Smashing Pumpkins -- who also testified before Congress this week on the Performance Rights Act -- as well as Eddie Van Halen, Seal, and several members of Journey all sent letters advocating for regulatory approval of the merger. However, neither Ticketmaster nor the artists themselves denoted the connection between the musicians and the company, according to Hypebot.

tags: Deals | Music | Acquisitions | Live Nation | Ticketmaster | Ticketing | Irving Azoff | Billy Corgan |

WSJ: Top Artists "Scalping" Own Tickets on Resale Sites

Authored by Mark Hefflinger on March 12, 2009 - 8:54am.
New York - A number of top music artists, including Neil Diamond, Britney Spears, Bon Jovi, Celine Dion, Billy Joel and Elton John, are partnering with Ticketmaster (NASD: TKTM) to sell some premium tickets to their concerts on a secondary ticket exchange for hundreds of dollars more than face value, The Wall Street Journal reported. Several managers of top artists and Ticketmaster executives told The Journal that the company "routinely offers to list hundreds of the best tickets per concert on one of its two resale Web sites -- and divides the extra revenue, which can amount to more than $2 million on a major tour, with artists and promoters."
tags: Music | Ticketmaster | Britney Spears | TicketExchange | Ticketing | TicketsNow | Irving Azoff | Neil Diamond |

Live Blog From House Hearing on Ticketmaster-Live Nation

Authored by Mark Hefflinger on February 27, 2009 - 12:39pm.
Washington - The Chicago Sun-Times provided live blog coverage from yesterday's hearing on the proposed Ticketmaster-Live Nation merger before the House Judiciary Committee's Subcommittee on Courts and Competition Policy. Among the highlights was Chairman Hank Johnson's (D-Ga.) revelation that Ticketmaster is again allegedly shunting customers looking to purchase face value tickets on Ticketmaster.com to its TicketsNow secondary ticketing auction site -- this time for Leonard Cohen concerts as opposed to Bruce Springsteen. "There is a risk that ticket prices will increase and consumers will be harmed by this merger," Johnson said.

tags: Deals | Law | Policy | Music | Acquisitions | Live Nation | Ticketmaster | Ticketing |

Lawmakers Grill CEOs on Ticketmaster-Live Nation Merger

Authored by Mark Hefflinger on February 25, 2009 - 8:48am.
Washington - Senate Judiciary Committee members sounded skeptical on Tuesday at a hearing on potential antitrust issues raised by the proposed $2.5 billion merger of ticketing giant Ticketmaster (NASD: TKTM) and concert promoter Live Nation (NYSE: LYV). Senators Orrin Hatch of Utah and Amy Klobuchar of Minnesota questioned Ticketmaster head Irving Azoff and Live Nation's Michael Rapino about the likelihood of ticket prices falling after a merger. "Nothing about this merger is going to force them to lower prices," testified David Balto, a senior fellow at the Center for American Progress think tank's Action Fund.
tags: Deals | Law | Policy | Music | Acquisitions | Live Nation | Washington | Ticketmaster | Ticketing |

Ticketmaster Settles With N.J. AG Over Springsteen Incident

Authored by Mark Hefflinger on February 24, 2009 - 1:47pm.
Los Angeles - Ticketmaster Entertainment (NASD: TKTM) has settled charges brought by the New Jersey Attorney General that it shunted ticketbuyers from its flagship site to an auction site where tickets sold for far above face value, Billboard reported. The company will pay $350,000 to cover fees associated with the AG's investigation, and also agreed to stop linking customers to its TicketsNow secondary ticketing auction site for at least one year.
tags: Law | Policy | Music | Bruce Springsteen | Ticketmaster | Ticketing | TicketsNow | Anne Milgram |

Congress to Probe Ticketmaster-Live Nation Deal Next Week

Authored by Mark Hefflinger on February 20, 2009 - 10:27am.
Washington - Congress will hold two hearings next week to discuss the proposed $2.5 billion merger of concert promotion giant Live Nation (NYSE: LYV) and Ticketmaster (NASD: TKTM), the world's largest ticketing provider. The Senate Judiciary Committee's subcommittee on antitrust issues will hold a hearing on Tuesday, while the House Subcommittee on Courts and Competitive Policy will discuss the issue next Thursday.
tags: Deals | Law | Policy | Music | Acquisitions | Live Nation | Washington | Ticketmaster | Ticketing |

Shareholder Suit Claims Ticketmaster Took Lousy Merger Terms

Authored by Mark Hefflinger on February 17, 2009 - 11:42am.
Los Angeles - Shareholders of Ticketmaster Entertainment (NASD: TKTM) have filed a class action suit against the company, alleging that Ticketmaster agreed to unfavorable terms in its proposed $2.5 billion merger with concert promotion giant Live Nation (NYSE: LYV), the Los Angeles Business Journal reported.
tags: Law | Lawsuits | Music | Live Nation | Ticketmaster | Investments | Ticketing |

Justice Dept. to Investigate Live Nation-Ticketmaster Merger

Authored by Mark Hefflinger on February 11, 2009 - 12:52pm.
Washington - The U.S. Justice Department on Wednesday announced its intention to investigate the proposed $2.5 billion merger of concert promoter Live Nation (NYSE: LYV) and Ticketmaster Entertainment (NASD: TKTM), the Associated Press reports. The Justice Department previously investigated Ticketmaster during the '90s for its predominant position in the market for live event ticketing.
tags: Deals | Law | Music | Acquisitions | Live Nation | DOJ | Ticketmaster | Ticketing |

Is The Proposed Merger Between Live Nation and Ticketmaster a Good Thing For Consumers?

Authored by Jay Baage on February 10, 2009 - 11:54am.
tags: Deals | Music | Investing | Ticketmaster | Ticketmaster Live Nation |

Ticketmaster Sued for Scapling in Canada Over TicketsNow

Authored by Mark Hefflinger on February 10, 2009 - 11:50am.
Vancouver, Canada - A Toronto mad has filed a $410 million lawsuit against Ticketmaster Entertainment (NASD: TKTM), over the company's alleged shunting of prospective ticketbuyers to its TicketsNow service, an auction site where tickets go to the highest bidder, Reuters reported. The lawsuit follows a similar incident in the U.S. last week that drew criticism from both artist Bruce Springsteen, whose fans complained they were directed to TicketsNow before all of the original tickets to concert dates had been sold, and the New Jersey Attorney General's Office, which is investigating the matter.
tags: Law | Lawsuits | Music | Ticketmaster | Ticketing | TicketsNow |

Live Nation, Ticketmaster Propose $2.5 Billion Merger

Authored by Mark Hefflinger on February 10, 2009 - 9:21am.
Los Angeles - Confirming a report in the Wall Street Journal last week, concert promotion giant Live Nation (NYSE: LYV) and Ticketmaster (NASD: TKTM) on Tuesday announced plans to merge, in an all-stock transaction valued at $2.5 billion. If approved by federal regulators, the deal would create the world's largest live entertainment company, Live Nation Entertainment, which "will have the tools to expand access, improve transparency and deliver artists and fans more choice -- driving greater attendance at live events and bringing more value to all major constituents in the industry," the companies said.
tags: Deals | Music | Acquisitions | Live Nation | DOJ | Ticketmaster | Barry Diller | Ticketing |

Bruce Springsteen Blasts Deceptive Ticketmaster Practices

Authored by Mark Hefflinger on February 6, 2009 - 5:59am.
Washington - Bruce Springsteen this week blasted Ticketmaster (NASD: TKTM) for redirecting fans trying to purchase tickets for his upcoming tour -- including his May 18 show at the Verizon Center -- to its TicketsNow site, which sells seats above face value. "They did this even when other seats remained available at face value," wrote Springsteen in an open letter to fans. "We condemn this practice... We perceive this as a pure conflict of interest."
tags: Music | Bruce Springsteen | Ticketmaster | Ticketing |

WSJ: Live Nation, Ticketmaster in Advanced Merger Talks

Authored by Mark Hefflinger on February 4, 2009 - 10:17am.
Los Angeles - Concert giant Ticketmaster (NASD: TKTM) is close to a negotiating an merger deal with concert promoter Live Nation (NYSE: LYV) -- which is preparing to launch its own rival ticketing service -- the Wall Street Journal reported, citing people familiar with the matter. While the companies' respective boards have not yet approved the deal, it is expected to not include an exchange of cash, and could be announced as early as next week. The Journal noted that the deal may very well raise antitrust concerns at the Federal Trade Commission (FTC), given the companies' positions in the music business.
tags: Deals | Marketing | Music | Acquisitions | FTC | Live Nation | Ticketmaster | Ticketing | 360 Deals |
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