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Trent Reznor Blasts Ticketmaster And The Artists Who Defend It

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We love Trent. Fight the fight. Fight the power.

One of the best things to come out of all the recent press on Ticketmaster’s business practices is an examination of the legal ticket resale market. A recent story in the WSJ, for example, outlined how Ticketmaster sets aside 10% of the best seats in a venue for the artist, enabling him to resell them at a huge markup in the secondary “TicketExchange Marketplace.” In other words, artists are scalping their own tickets with Ticketmaster’s help. Not always, of course, but “more often than not” according to a post today by Trent Reznor on the NIN forum. In it Trent explains what happens to the premium seats NIN are allotted: they are passed on to fans in pre-sale, with stringent ID guidelines to ensure they are not resold (“I assure you nobody in the NIN camp supplies or supports the practice of supplying tickets to these re-sellers because it’s not something we morally feel is the right thing to do.”). He also acknowledges that by playing TM and LiveNation venues on the upcoming NIN tour, he is getting into bed with these guys (“I’ve learned to choose my fights and at this point in time…”). Also of note: “Be suspect of artists singing the praises of the Live Nation / TicketMaster merger. What’s in it for them?” Cough. Trent’s entire missive after the jump. – From Stereo Gum


Live Nation to buy Ticketmaster

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This is sort of like cable companies buying each other – no one likes either of them, and without competition, they will be even more of dicks. Music artists are coming out and saying so – recently Bruce Springsteen criticized the merger because of the monopoly it would create. I can see higher ‘convenience fees’ and ’service charges’ (I love these terms – who’s fraking convenience – certainly not mine).

The world’s largest concert promoter Live Nation Inc (LYV.N: Quote, Profile, Research) plans to buy Ticketmaster Entertainment Inc (TKTM.O: Quote, Profile, Research) 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. – From Reuters

Two of the biggest forces in the entertainment business are joining up. Concert promoter Live Nation Inc. and ticketing giant Ticketmaster Entertainment Inc. said Tuesday morning that they plan an all-stock merger of equals. The combined company will be called Live Nation Entertainment. Under the deal, approved by both companies’ boards, Ticketmaster shareholders will receive 1.384 shares of Live Nation stock for each share of Ticketmaster they hold. The companies estimated the value of the combined business at about $2.5 billion and said the deal will help them save about $40 million annually. – From AP

Live Nation, the largest concert promoter, and Ticketmaster Entertainment, the No. 1 ticket seller, announced their widely reported merger deal on Tuesday morning. The stock-for-stock transaction would create a powerhouse in the music and live entertainment industries and likely draw intense scrutiny from antitrust regulators and lawmakers. In a joint statement, the companies said that Ticketmaster shareholders will get 1.384 Live Nation shares, subject to adjustments, for each Ticketmaster share. Based on Live Nation’s closing price Monday of $5.29, that valued each Ticketmaster share at $7.32, or about 11 percent above where that stock closed the previous day. Shareholders of each company would end up owning about half of the merged company, the statement said. The boards of both companies have approved the transaction. – From NY Times