LOS ANGELES (CelebrityAccess MediaWire) — In response to the recent ruling by the U.K. Competition Commission against the proposed merger between Live Nation and Ticketmaster, the two firms have released a joint statement.
Statement from Live Nation and Ticketmaster: Competition Commission's Preliminary Ruling
Live Nation and Ticketmaster respect the Competition Commission for its analysis of the merger and have cooperated, and will continue to cooperate, fully during this ongoing process. Both our companies are committed to this merger and look forward to addressing any and all issues that the commission deems necessary.
But we must be clear about the challenges of the music industry, which is at a decisive crossroad. The recording industry is a shell of its former self. Where the recording industry was once the economic engine for the music business, it is live entertainment that is now the future of the music industry.
We believe this merger will build a more efficient and effective company moving forward, and that working together we will be able to help achieve needed change that will strengthen a flagging music industry.
During the course of this merger process, Live Nation and Ticketmaster have listened to our fans, artists and other stakeholders. We've heard a range of views regarding the issues and challenges facing the live music industry. We firmly believe that our merger achieves an important and much needed public interest, and remain optimistic that it will ultimately be approved.
The ruling was a blow to the two companies in their hope for completing a merger but negotiations will continue until the Commission makes its final ruling later this year.
Ironically, the Commission's decision hinged around the ability of German ticketing agent CTS Eventim to compete against the Live Nation/Ticketmaster combination. CTS had originally teamed with Live Nation to assist the promoter in developing their own in-house ticketing system last year and at present, is still a contractual partner. – CelebrityAccess Staff Writers