AEG Threatens to Quit Over TicketMaster/Live Nation Merger

AEG live, the owner of 130 major venues across the US, including the Staples Center in Los Angeles, has threatened to cancel its contract with Ticket Master over the Ticket selling Juggernauts proposed merger with LiveNation Entertainment INC.. The news broke during a White House Subcommittee meeting, discussing the anti-trust concerns raised by the merger. TicketMaster CEO Irving Azoff testified before the subcommittee that “Others will most certainly leave if this merger is consummated.AEG has notified us by letter that they believe they have the right to terminate our agreement in connection with this merger..If that’s not competition, I don’t know what is.” Lawmakers fear that the deal would monopolize the industry. TicketMaster and Live nation feel that the merger would help them better withstand the recession, sell more tickets and give the fans superior service. The planned merger will close in the second half of 2009.