Live Nation and Ticketmaster merge…

From the AP:

Concert promoter Live Nation Inc. and ticketing giant Ticketmaster Entertainment Inc. said Tuesday morning that they plan an all-stock merger of equals. The combined company will be called Live Nation Entertainment.

Under the deal, approved by both companies’ boards, Ticketmaster shareholders will receive 1.384 shares of Live Nation stock for each share of Ticketmaster they hold. The companies estimated the value of the combined business at about $2.5 billion and said the deal will help them save about $40 million annually.

“Being able to put Live Nation and Ticketmaster into an equal partnership will allow the companies to get through this difficult period and be able to expand live entertainment options to audiences throughout the world,” Ticketmaster Chairman Barry Diller said in a statement. (more…)