Live Nation Holder May Oppose Deal: Report

Media

TSC Staff

02/13/09 - 03:53 AM EST

The largest shareholder in Live Nation(LYV ) may oppose the company's proposed merger with Ticketmaster(TKTM ) if Barry Diller has a leadership role in the new company, Bloomberg reports.

Sam Shapiro, chairman of Shapiro Capital Management, told Bloomberg he's against going into business with Diller because of the poor returns from companies Diller leads. Shapiro Capital owns a 15% stake in Live Nation.

Diller serves as Ticketmaster's chairman and would hold that title at the new company, Live Nation Entertainment. If Diller accepts a diminished role, Shapiro said he may support the deal, according to the report.

Live Nation and Ticketmaster agreed Tuesday to merge in an all-stock deal valued at $2.5 billion. The deal already has drawn antitrust scrutiny and the Justice Department said it planned to review the deal that would create the country's leading ticket provider, artist-management group and concert promoter.

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