Reuters is reporting this morning that Live Nation's board of directors has approved a merger with Ticketmaster. The deal had already received the OK from Ticketmaster's board. According to the article, the merger would integrate Ticketmaster's ticket sales and artist-management with Live Nation's extensive network of venues, promoters, and even fan-club operators.
Last week, The LA Times quoted Bruce Springsteen as saying this about the potential merger:
Last week, The LA Times quoted Bruce Springsteen as saying this about the potential merger:
"The one thing that would make the current ticket situation even worse for the fan than it is now would be Ticketmaster and Live Nation coming up with a single system, thereby returning us to a near monopoly situation in music ticketing. Several newspapers are reporting on this story right now. If you, like us, oppose that idea, you should make it known to your representatives."
Between the Boss, the FTC, and karma, the industry giants would seem to have the cards stacked against them. Unfortunately, investors seem to be betting on the deal. Woe is Eddie Vedder.
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