Live Nation, Ticketmaster Shareholders Approve Merger

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Live Nation Inc. and Ticketmaster Entertainment Inc. said late Friday that the shareholders of both companies approved a merger to create a live concert promotion and ticketing giant.

The Beverly Hills concert promoter and the West Hollywood ticket-seller still require approval for the deal from the U.S. Justice Department amid criticism among those who fear it would stifle competition. Anti-trust regulators in the United Kingdom approved the merger last month over those objections.

Live Nation last February announced plans to buy Ticketmaster Entertainment for about $400 million in stock. The merged companies would have combined annual revenue of $5 billion.

Live Nation said that it got 99 percent approval of the deal. Ticketmaster said it got 98 percent approval.

Live Nation shares earlier closed down 6 cents, or less than 1 percent, to $9.64 on the New York Stock Exchange. Ticketmaster shares closed up 2 cents, or less than 1 percent, to $14.10 on the Nasdaq.

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