The boards of
( TKTM) and
were expected to approve an all-stock merger of the two companies, and an announcement is tentatively scheduled for early Monday, according to reports.
The new entity -- to be called Live Nation Entertainment Inc. -- is to be overseen by a combination of senior management and board members from each constituent company, the
Wall Street Journal
The merger would combine the dominant concert promoter, ticketing company and artist-management concern.
reports Live Nation CEO Michael Rapino will retain his title in the new company. Ticketmaster CEO Irving Azoff is to be the new company's executive chairman and remain in command of Front Line Management, the company he oversaw until Ticketmaster acquired it last October. Barry Diller, currently chairman of Ticketmaster, is to be nonexecutive chairman.
People close to Live Nation and Ticketmaster have said they expect to win regulatory approval with ease because the two companies aren't really competitors, the
reports. Live Nation launched a ticketing service in January, and it currently handles ticket sales for a limited number of venues, all owned by Live Nation itself, the
The merger would create a company with almost $6 billion in revenue, the
New York Times
The merger is about a 50-50 deal with little or no premium for either company's shares. Both both companies will have seven board seats, the
reports, citing people involved in the deal.
This article was written by a staff member of TheStreet.com.