UPDATE:DOJ Clears Live Nation-Ticketmaster Deal With Conditions

The U.S. Department of Justice on Monday cleared the merger of Live Nation Inc. (LYV) and Ticketmaster Entertainment Inc. (TKTM), but required the companies to make several concessions as a condition of government approval.

The department said it will require Ticketmaster to license its ticketing software and sell certain ticketing assets. The department also said the merged company will be subject to provisions that will bar it from retaliating against entertainment venues that choose another company's ticketing or promotional services.

As part of the settlement with Justice Department antitrust regulators, Ticketmaster must license a copy of its primary ticketing software to the Anschutz Entertainment Group, the nation's second-largest concert promoter.

Ticketmaster also must sell its ticketing company Paciolan Inc. within 60 days to Comcast Corp. (CMCSA) subsidiary Comcast-Spectacor, a sports and entertainment company, or another suitable buyer.

The department said Comcast-Spectacor already has signed a letter of intent to buy the Paciolan assets.

Monday's settlement comes after nearly a year of scrutiny from U.S. antitrust regulators.

"The proposed settlement allows for strong competitors to Ticketmaster, allowing concert venues to have more and better choices for their ticketing needs, and provides for anti-retaliation provisions, which will keep the merged company in check," Justice Department antitrust chief Christine Varney said. Live Nation Chief Executive Michael Rapino said the department "was thorough and aggressive in their analysis and their remedies and we are confident that with this resolution, the playing field is competitive and broader as a result of this transaction."

Ticketmaster Chief Executive Irving Azoff called the settlement "a great win for fans."

"The entertainment industry needs innovation and we are ready to deliver," he said.

The proposed marriage of Live Nation, the world's biggest concert promoter, and Ticketmaster, the dominant ticketing and artist-management company, was controversial from the moment it was announced last February.

Live Nation and Ticketmaster said the deal would help them navigate the weak economy and the uncertain state of the music business.

An array of critics, from Bruce Springsteen to lawmakers on Capitol Hill, said the merger raised significant concerns because it would lead to an unprecedented concentration of power in the music industry.

The deal also gained attention beyond the music industry because it was the first high-profile merger to land before President Obama's antitrust team at the Justice Department, led by Varney, who has pledged to step up antitrust enforcement.

-By Brent Kendall, Dow Jones Newswires; 202-862-9222; brent.kendall@dowjones.com

Ticketmaster Entertainment (MM) (NASDAQ:TKTM)
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