Live Nation to buy Ticketmaster

The world’s largest concert promoter Live Nation Inc plans to buy Ticketmaster Entertainment Inc for about $400 million in stock in a bid to create a company with dominant holdings in concert promotion and ticket sales.

But shares of both companies fell on Tuesday, amid concerns the acquisition would be blocked by U.S. antitrust regulators under the new Obama administration.

U.S. Senator Charles Schumer slammed the deal ahead of its formal announcement on Tuesday, calling for a federal probe into Ticketmaster, the top U.S. ticket vendor.

"This merger would give a giant, new entity unrivaled power over concert-goers and the prices they pay to see their favorite artists and bands," the Democrat senator from New York said in a statement.

See the full article at Yahoo! News.

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