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Live Nation and Ticketmaster outline merger benefits
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The CEOs of Live Nation and Ticketmaster Entertainment told members of Congress Tuesday that the companies’ merger will help revive the struggling music industry.
Michael Rapino, CEO of Live Nation, and Irving Azoff, CEO of Ticketmaster Entertainment, discussed the challenges facing the industry at a hearing on the merger and future of the concert business. The hearing was convened by the Senate Judiciary Committee's Subcommittee on Antitrust Competition Policy and Consumer Rights.
“Clinging to old ways and fighting change is not the answer. Together with artists, local promoters and venues … we want to offer some solutions. I'm not claiming we have all the answers, but we can be on the leading edge of change in our industry,” Rapino said.
Azoff, who has spent his 43-year career working with artists, said the merger will “allow the live music industry to avoid repeating the mistakes of the record business.”
The combined company will be called Live Nation Entertainment. It will create an artist-driven company that provides a full-service connection between artists and fans.
The CEOs expect merging will relieve pressure on ticket pricing in primary and secondary markets, and offer artists and fans new products and services.
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