- by Daniel Melia
- Wednesday, May 13, 2009
The merger of music industry giants Live Nation and Ticketmaster has taken a step forward - a majority of lenders have given the green light for the deal to go ahead.
Plans for the the concert promoter and the ticketing website to join forces were put into place in February of this year.
The merger would create a ticketing industry super-company in a deal estimated to be worth a staggering $575 million, and has been backed by musicians including Seal, Shakira and Eddie Van Halen.
But before the merger can go ahead, executives at both companies must justify the move to the US's Subcommittee on Antitrust, Competition Policy and Consumer Rights, the case is currently under consideration.
However, Ticketmaster revealed on Tuesday that the unification is well under way, after 50 per cent of lenders approved the move - one of the major hurdles standing in the way of closing a deal.
The merger is expected to be finalised in the autumn.
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