Ticketmaster Handed Subpoenas

Stock quotes in this article: TKTM , LYV  

Ticketmaster said the problem was due to a technical glitch and has refunded the price difference to fans who complained.

A Ticketmaster spokesman declined to comment Friday.

Live Nation said its lawyers were told by Justice officials that the ticket-reselling inquiries were not part of the antitrust probe of the merger.

Both companies said on March 20 they are cooperating with a second request by the department for merger-related information, an indication the department is scrutinizing the deal closer than most.

West Hollywood-based Ticketmaster is the world's largest seller of tickets to concerts and shows, and Beverly Hills-based Live Nation is the largest U.S. operator of concert venues, with more than 140. The companies have been expecting to complete their all-stock merger in the second half of the year.

Artists have expressed concern that the combination would lead to a near-monopoly on ticket sales to large-scale concerts.

Live Nation last year ended a long-term contract to sell its concert tickets through Ticketmaster, and it launched its own ticketing service for its venues in January.

That threatened to siphon off at least 15% of Ticketmaster's revenue and set the two companies up for a head-to-head fight for ticketing contracts. But in February, they announced they had agreed to lay down arms and join forces.

Ticketmaster shares rose 5 cents, or 1.2%, to close at $4.14 Friday, while Live Nation shares rose 4 cents, or 1.3%, to $3.05.

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