Statement from Timothy J. Leiweke, President & CEO

by laliveinsider on Mon., Jan 25 at 09:00 AM

January 25, 2010

In connection with the Department of Justice's approval of the proposed merger between Ticketmaster and Live Nation, AEG has entered into agreements with the merging parties that will foster our ability to compete effectively in the ticketing, venue operation and live event promotion businesses.

Together with other provisions of the Department of Justice's proposed final judgment, including required divestitures and significant behavioral remedies, we are confident that the arrangements we have reached with the parties will serve to increase competition and further the interests of consumers and other participants in the live entertainment industry, not only in the United States, but in a number of key international markets (including Canada and the United Kingdom, among others).

Among others, we have obtained contractual commitments which accomplish the following objectives:

  • AEG will have the ability to operate a private label ticketing site using the Ticketmaster system on favorable terms, with commitments from Ticketmaster to host our private label site and provide a high level of ticketing service to our venues and events, including both AEG-affiliated properties and other clients.
  • While AEG will have the ability to operate under the private label site for up to five years, AEG has obtained complete flexibility to migrate some or all of its ticketing business to one or more alternative ticketing platforms at any time following the merger. AEG intends to aggressively explore such alternatives, including ticketing companies both in the U.S. and in other markets with whom AEG is already engaged in on-going discussions.
  • AEG has an option to license and install the software comprising the Ticketmaster host to power a competing ticketing system should AEG elect not to pursue an alternative technology.
  • AEG has received definitive assurances from Ticketmaster regarding its rights to own and use customer and other data for any tickets that it has sold, or will sell in the future, through Ticketmaster.

The agreements we have entered into will provide necessary assurances to allow the continued success and growth of our existing venue and promotion interests, as well as the further expansion of our venue management portfolio.

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