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Live Nation Entertainment

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Live Nation Entertainment, Inc.
Company typePublic company
NYSE: LYV
IndustryEntertainment
Founded2010
HeadquartersLos Angeles
Area served
Worldwide
Key people
RevenueIncrease US$ 5.38 billion (2011)
Increase US$ 18.34 million (2011)
Increase US$ -70.40 million (2011)
Total assetsDecrease US$ 5.088 billion (2011)
Total equityIncrease US$ 1.62 billion (2011)
OwnerLiberty Media[1] (34.3%)
Number of employees
Full-time: 6,600
Part-time: 13,000
SubsidiariesTicketmaster
Live Nation Concerts
Front Line Management Group
Live Nation Network
Websitelivenationentertainment.com

Live Nation Entertainment is a global entertainment company, formed from the merger of Live Nation and Ticketmaster. It owns, leases, operates, has booking rights for and/or equity interests in a large number of U.S. entertainment venues. The leadership consists of Greg Maffei (chief executive officer of Liberty Media) as chairman and Canadian Michael Rapino (previously chief executive officer of Live Nation) as president and CEO of the company.

The merger that formed the company was opposed by members of the United States Congress, business rivals, and the Computer & Communications Industry Association (CCIA), whose members include Google, Oracle, Microsoft, Yahoo, Intuit, and eBay.[2][3]

The merger initially received regulatory approval in Norway and Turkey in 2009.[4] In October 2009, the United Kingdom's Competition Commission provisionally ruled against the merger.[5] On December 22, 2009, the Competition Commission reversed its decision and cleared the proposed merger.[4] The United States Justice Department approved the merger on January 25, 2010, with some conditions to which both parties agreed.[6]

As part of the agreement with governments to merge, Ticketmaster had to sell its ownership in its self-ticketing company, Paciolan and Live Nation Entertainment was placed under a 10-year court order prohibiting it from retaliating against venues that choose to accept competitors' ticket-selling contracts, and it "must allow venues that sign deals elsewhere to take consumer ticketing data with them".[7][8]

In addition, the new company had to license a copy of its ticketing software to two companies—Anschutz Entertainment Group (AEG) and either Comcast Spectacor or another "suitable" company—so that both companies could compete "head-to-head" with Ticketmaster for venues’ business. AEG was given the option after five years to buy the software, replacing it with something else, or partnering with another ticketing company.[9]

Live Nation Entertainment bought AC Entertainment, a Knoxville Tennessee music company in October 2016.[10]

References

  1. ^ http://www.4-traders.com/LIVE-NATION-ENTERTAINMENT-13449/company/. Retrieved 2016-10-18. {{cite web}}: Missing or empty |title= (help)
  2. ^ British Regulator Backs Merger of Ticketmaster and Live Nation
  3. ^ Branch Jr., Alfred (January 19, 2010). "Ticketmaster / Live Nation merger: 25,000 contact DOJ to oppose the deal". TicketNews. Retrieved January 26, 2010.
  4. ^ a b "Ticketmaster and Live Nation Welcome Competition Commission Ruling on Merger" (PDF) (Press release). Ticketmaster Entertainment. December 22, 2009.
  5. ^ Van Buskirk, Eliot (October 12, 2009). "Live Nation/Ticketmaster Merger Faces Obstacles Here and Abroad". Wired. Retrieved 2009-10-19.
  6. ^ Chmielewski, Dawn C. and Fritz, Ben and Lewis, Randy (January 26, 2010). "Ticketmaster-Live Nation merger gets Justice Department's approval". The Los Angeles Times. Retrieved January 26, 2010.{{cite news}}: CS1 maint: multiple names: authors list (link)
  7. ^ Nakashima, Ryan (January 25, 2010). "Live Nation, Ticketmaster merge after approval". The Washington Post. Associated Press. Retrieved January 26, 2010. [dead link]
  8. ^ "Live Nation and Ticketmaster Entertainment Merger Receives U.S. Department of Justice Clearance" (Press release). Live Nation and Ticketmaster Entertainment via CNN. January 25, 2010. Retrieved January 26, 2010.
  9. ^ Van Buskirk, Eliot (January 25, 2010). "DOJ Approves Modified Ticketmaster, Live Nation Merger". Wired News. Retrieved January 26, 2010.
  10. ^ "Live Nation buys AC Entertainment". The Tennessean. Retrieved 2016-11-16.
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