UPDATE:DOJ Clears Live Nation-Ticketmaster Deal With Conditions
25 Gennaio 2010 - 9:55PM
Dow Jones News
The U.S. Department of Justice on Monday cleared the merger of
Live Nation Inc. (LYV) and Ticketmaster Entertainment Inc. (TKTM),
but required the companies to make several concessions as a
condition of government approval.
The department said it will require Ticketmaster to license its
ticketing software and sell certain ticketing assets. The
department also said the merged company will be subject to
provisions that will bar it from retaliating against entertainment
venues that choose another company's ticketing or promotional
services.
As part of the settlement with Justice Department antitrust
regulators, Ticketmaster must license a copy of its primary
ticketing software to the Anschutz Entertainment Group, the
nation's second-largest concert promoter.
Ticketmaster also must sell its ticketing company Paciolan Inc.
within 60 days to Comcast Corp. (CMCSA) subsidiary
Comcast-Spectacor, a sports and entertainment company, or another
suitable buyer.
The department said Comcast-Spectacor already has signed a
letter of intent to buy the Paciolan assets.
Monday's settlement comes after nearly a year of scrutiny from
U.S. antitrust regulators.
"The proposed settlement allows for strong competitors to
Ticketmaster, allowing concert venues to have more and better
choices for their ticketing needs, and provides for
anti-retaliation provisions, which will keep the merged company in
check," Justice Department antitrust chief Christine Varney said.
Live Nation Chief Executive Michael Rapino said the department "was
thorough and aggressive in their analysis and their remedies and we
are confident that with this resolution, the playing field is
competitive and broader as a result of this transaction."
Ticketmaster Chief Executive Irving Azoff called the settlement
"a great win for fans."
"The entertainment industry needs innovation and we are ready to
deliver," he said.
The proposed marriage of Live Nation, the world's biggest
concert promoter, and Ticketmaster, the dominant ticketing and
artist-management company, was controversial from the moment it was
announced last February.
Live Nation and Ticketmaster said the deal would help them
navigate the weak economy and the uncertain state of the music
business.
An array of critics, from Bruce Springsteen to lawmakers on
Capitol Hill, said the merger raised significant concerns because
it would lead to an unprecedented concentration of power in the
music industry.
The deal also gained attention beyond the music industry because
it was the first high-profile merger to land before President
Obama's antitrust team at the Justice Department, led by Varney,
who has pledged to step up antitrust enforcement.
-By Brent Kendall, Dow Jones Newswires; 202-862-9222;
brent.kendall@dowjones.com
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