Live Nation Inc. (NYSE: LYV), the concert promotion giant, and ticket conglomerate Ticketmaster Entertainment Inc. (NASDAQ: TKTM) saw their stocks rise Tuesday after British regulators approved the companies' merger.
Live Nation shares rose 32 cents, or 3.9 percent, to $8.47 in midday trading Tuesday, while Ticketmaster shares were up 65 cents, or 5.5 percent, to $12.41.
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The approval came after Britain’s antitrust commission reversed their previous ruling, which disallowed the merger.
The Competition Commission said Tuesday the merger would not significantly reduce competition in the promotion and sales of tickets for live music events.
The commission allowed the two companies to merge despite its initial statement that the merger would affect CTS Eventim AG, the German company hwhich had agreed to provide ticketing services for Live Nation's music events in Britain.
However, it said Tuesday the extent of Eventim's success in the U.K. "will be determined principally by its own efforts and abilities, and will not be affected significantly by the merger."
The deal still faces scrutiny from U.S. regulators. The Justice Department has yet to make a ruling on whether they allow the merger.
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