With its proposed merger with Ticketmaster nearing completion, concert industry giant Live Nation is experiencing a stock bounce.
Shares of the company’s stock, which trades under the symbol “LYV,” closed today, January 4, at $9.12, only $0.02 off of its 52-week high of $9.14. The stock’s lowest closing price over the past 52 weeks was $2.52 on March 20, 2009, but nine days before it traded at a low of $2.47.
Over the past two months alone, the price of shares has risen about 12 percent. Click here to see a stock ticker for Live Nation, Ticketmaster and other ticketing companies
The company is awaiting a ruling from the U.S. Department of Justice concerning the merger, but the deal has already received the blessing of Competition Commission in the UK, which said the merger would not adversely impact competition in the country’s ticketing and live entertainment industries.
U.S. consumer groups, which have opposed the merger, blasted the UK ruling and stepped up efforts to thwart it, and last week received support from several venue operators and promoters who are also against the deal.