Live Nation and Ticketmaster merger approved

The UK Competition Commission has approved the controversial merger between live music giants Live Nation and Ticketmaster.

The decision was widely anticipated as the merger was first approved last year. However, an appeal launched by German ticketing Company CTS Eventim prompted further investigation. The new corporate name for the merged company is Live Nation Entertainment.

Live Nation Entertainment president and CEO Michael Rapino said in a statement: “We applaud this decision by the UK Competition Commission and are pleased to have the matter resolved. Our focus is on the future and continuing to execute on our goals of driving innovation across the live event experience and strengthening the artist-to-fan connection.”

Live Nation have responded to the economic crisis facing the recorded music industry by pioneering unique deals for artists, encompassing diverse streams of income including live concert promotion, website and merchandising and recording rights and have signed up immense global acts such as U2 and Jay Z.

Critics say that the combined company will gain the economic power to dominate ticket sales for concerts, promotion and artist management. Some high profile artists, including a very vocal Bruce Springsteen, had previously spoken out against the deal.

The senior management of the newly formed entertainment organisation are expected to meet this week to map out their future strategies.