The partnership of ticketing giant Ticketmaster and Madison Square Garden Entertainment owner Cablevision will acquire a 49 percent stake in AEG Live, according .
The deal, which Billboard said was confirmed by multiple sources Thursday, would make AEG Live more competitive with No. 1 promoter Live Nation, which has recently diversified with merchandising and artist management.
Live Nation, a spinoff of Clear Channel Communications, is expected to drop Ticketmaster after their contract expires next year.
AEG Live is the world’s second- largest concert promoter, with $742 million in grosses in 2007, according to Billboard Boxscore.
Officials with AEG Live Rocky Mountains, based in Denver and run by legendary promoter Chuck Morris, declined to comment Thursday. Denver billionaire Phil Anschutz’s Anschutz Entertainment Group owns privately held AEG Live.
