Proposed Merger
On February 10, 2009, Live Nation and Ticketmaster Entertainment announced that they have entered into a definitive merger agreement to create a combined entity, to be called Live Nation Entertainment. Ticketmaster's press release said Live Nation produces live concerts in 57 countries.
The proposal has received regulatory approval in Norway and Turkey.
In October 2009, the United Kingdom's Competition Commission provisionally ruled against the merger with Ticketmaster. On December 22, 2009, the Competition Commission decided to clear the proposed merger.
Separate regulatory reviews of the proposal continued in the United States and Canada. The United States Department of Justice approved the merger in 2010 subject to review by a federal judge after a 60-day comment period. A conditions of the approval, Ticketmaster agreed to license its software to rival Anschutz Entertainment Group, and to sell its subsidiary Paciolan to Comcast Spectacor, Comcast's sporting events subsidiary. The company also agreed not to interfere with competition for the ten year life of the agreement.
Read more about this topic: Live Nation (events Promoter)
Famous quotes containing the word proposed:
“To coöperate in the highest as well as the lowest sense, means to get our living together. I heard it proposed lately that two young men should travel together over the world, the one without money, earning his means as he went, before the mast and behind the plow, the other carrying a bill of exchange in his pocket. It was easy to see that they could not long be companions or coöperate, since one would not operate at all. They would part at the first interesting crisis in their adventures.”
—Henry David Thoreau (1817–1862)