U.K. OKs Live Nation, Ticketmaster Merger - TheStreet

LONDON (

TheStreet

) -- The U.K.'s antitrust regulator said it would approve the merger of

Live Nation

(LYV) - Get Report

and

Ticketmaster

( TKTM), reversing an earlier decision.

The Competition Commission said the proposed merger wouldn't result in stifling competition for promoting and selling tickets for live music events.

In its provisional ruling in October, the commission said the merger could hurt Germany's CTS Eventim, which had agreed to provide ticketing services for Live Nation's music events in Britain. But the commission said it concluded that the "extent of Eventim's success in the U.K. will be determined principally by its own efforts and abilities, and won't be affected significantly by the merger," said Christopher Clarke, the commission's deputy chairman.

"Today's clearance is an important milestone in the regulatory review process, and brings the companies a step closer to creating a new kind of live entertainment business," said Chris Edmonds, managing director of Ticketmaster U.K., in a statement.

The two companies, which announced plans to merge about a year ago, now await approval from U.S. antitrust regulators.

Shareholders are expected to vote on the merger on Jan. 8.

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