Ticketmaster and Live Nation defended their proposed merger Tuesday, painting themselves as struggling music entities that need each other's strength to survive.
“Economic times have taken its toll," Michael Rapino, president and CEO of Live Nation, told the Senate Judiciary antitrust committee. “I can hope the economy gets better or I can seek a more pro-active approach. That is the motivation behind the merger."
“This business is in far worse shape than people realize," said Irving Azoff, CEO of Ticketmaster Entertainment Inc.
The companies announced earlier this month that they are negotiating a merger, worth an estimated $575 million, to form a company that would be known as Live Nation Entertainment.
The benefits of this merger, Live Nation said, include the ability to share technology. “The new company will be positioned to take full advantage of its combined online resources, databases and promotional operations to strengthen and enhance the direct connection between artists and fans," the company said at the time.
Live Nation also expected an increased investment in R&D to product technological advances like paperless ticketing, interactive seat access, and mobile delivery.
“Economic times have taken its toll," Michael Rapino, president and CEO of Live Nation, told the Senate Judiciary antitrust committee. “I can hope the economy gets better or I can seek a more pro-active approach. That is the motivation behind the merger."
“This business is in far worse shape than people realize," said Irving Azoff, CEO of Ticketmaster Entertainment Inc.
The companies announced earlier this month that they are negotiating a merger, worth an estimated $575 million, to form a company that would be known as Live Nation Entertainment.
The benefits of this merger, Live Nation said, include the ability to share technology. “The new company will be positioned to take full advantage of its combined online resources, databases and promotional operations to strengthen and enhance the direct connection between artists and fans," the company said at the time.
Live Nation also expected an increased investment in R&D to product technological advances like paperless ticketing, interactive seat access, and mobile delivery.
