Getting your player ready...
LOS ANGELES — Live Nation Inc. and Ticketmaster Entertainment Inc., the largest companies in live music, agreed to merge and began a defense against antitrust concerns raised by lawmakers, consumer groups and rock superstar Bruce Springsteen.
Shareholders in each company will own about half the equity in the new one, which will have an enterprise value of about $2.5 billion, according to a statement Tuesday. The new Live Nation Entertainment will have almost $6 billion in annual sales.
Ticketmaster chairman Barry Diller, who will hold that title at the new company, defended the merger, saying it won’t lead to higher ticket prices. Diller said he has been working to combine the companies “for many years.”
