It’s taken nearly a year, but the U.S. Department of Justice has given the merger between Ticketmaster and Live Nation (NYSE: LYV). The new entity will be called Live Nation Entertainment. In addition to securing the go-ahead from the DOJ, the two ticket sales and events promoters have gotten the Canadian Commissioner of Competition to sign off on the deal as well. The companies received the consent of British regulators last month.
The main sticking point holding up the deal was resolved when Ticketmaster agreed to sell self-ticketing subsidiary, Paciolan, to Comcast-Spectacor. Additionally, Ticketmaster agreed to license the Ticketmaster Host technology to Anschutz Entertainment Group. The deal’s terms call for Ticketmaster shareholders to have the right to receive a number of shares of Live Nation common stock in exchange for 50.01 percent of the voting power of the combined company.
Michael Rapino, currently the head of Live Nation, will serve as CEO and president of the new entity, while Ticketmaster head Irving Azoff will take on the role of executive chairman the combined company. Azoff will also be CEO of Front Line. Barry Diller, Ticketmaster’s Chairman, will now chair Live Nation Entertainment’s board. The board will consist of 14 directors, seven from each company. Release