Earlier today, January 25, cable business news channel CNBC reported that the planned merger between Ticketmaster and Live Nation had been approved by the Department of Justice (DOJ), and by this afternoon Assistant Attorney General Christine Varney had scheduled a press conference about the deal.
Exactly what Varney was going to disclose was not revealed ahead of time, and the CNBC report was vague about whether the deal had been approved outright or with concessions.
DOJ attorneys have investigated the deal for a year and a decision was originally expected before the end of 2009.
Varney’s press conference briefing prior to the event only said that it would be a “significant enforcement announcement.”
The two companies said the deal was necessary to help fix a broken live entertainment and ticketing system, but critics of the deal said it would consolidate concerts and ticketing under one, monopolistic roof, and it should be turned down under antitrust concerns.
News of the possible approval comes as German ticketing giant CTS Eventim has lodged a complaint with the UK Competition Appeal Tribunal over the UK Competition Commission’s (CC) approval of the merger a few weeks ago.
The CC had initially voiced concerns over the deal, in part because of the potential affect it would have on CTS, but the commission reversed itself when it approved the deal, stressing that it would not adversely affect CTS.
TicketNews is following the story and will have updates throughout the day.
Last Updated on January 26, 2010
6 Comments
Comments are closed.
Well this is bad for the fans as well as everyone involved in the ticket industry. Another Obama flip-flop. I remember is campaign promise of fighting monopolies. Yea, right.
Maybe ticketmaster agreed to fund Obamacare?
wake up. Are you scared that TM/LN deal will spell the end of the broker market?
Then why the HELL do you guys still list your tickets with EI. Cancel you accounts, delist you tickets!!! Strike BACK today!!
If TM/Tnow/EI stock takes a dive due to 0 sales, due to 0 tickets listed and 0 brokers paying EI, the merger might fail. At the very least you will be safer for now.
Why the HELL are you guys staying with them?!?!!
Do it email me!!
[email protected]
This will never happen. There are not enough brokers dumb enough to “cut of their nose to spite their face”.
spite?
Business move… TN/TT can get you plenty of sales when you move your inventory. Staying with EI is going to kill your entire market and you call it dumb. Enjoy the last years of sales as you stay with them. Start planing a second way to make money.
You the smart broker’s are going to need it and going to kill the entire business for all.
Look past that precious nose and you will see. Sometimes a diseased part of the body has to be cut off to save the rest. Take the lost in sales to secure your future. That is just so stupid isn’t it.
When TN and TT is flooded with new clients and Tnow is shutdown to lost in sales/inventory the return of those sales will be there. And TNOW/TM will fear you due to how you worked together something Americans just can’t seem to do.
TNOW only makes so many sales due to brokers inventory…….
Does anyone know if all events will be sold through livenation.com or ticketmaster.com now? Will they be using the TM software or the LN software?