Live Nation and Ticketmaster have entered a definitive agreement to merge in a deal worth $2.5 billion. The new entity will be called Live Nation Entertainment. The deal is tax-free and is in all stock and is subject to potential legal issues.
“It was less than two months ago that Ticketmaster ended its 10-year partnership with Live Nation, and I’m extremely glad we could reunite with this combination. No different from any other industry, the challenges are all around every aspect of live entertainment. Being able to put Live Nation and Ticketmaster into an equal partnership will allow the companies to get through this difficult period and be able to expand live entertainment options to audiences throughout the world,” stated Diller.
Barry Diller will be chairman and Michael Rapino will be CEO of Live Nation Entertainment. Dropping the Ticketmaster brand name may help the company increase sales since Live Nation has a better reputation.