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Live Master make SEC filing about merger
By CMU Editorial | Published on Monday 6 July 2009
Ticketmaster and Live Nation filed what I’m told is called a Form S-4 to the US’s Securities And Exchange Commission last week as part of their bid to get government approval for the two companies to merge. It’s not complete, but provides some information about how the company will operate should the merger get the go ahead, some of which we already knew, or suspected.
According to Billboard, information in the document includes that Live Nation boss Michael Rapino would be President and CEO of the merged enterprise, that Ticketmaster boss Irving Azoff would become Exec Chairman, that Ticketmaster shareholders would get 1.384 shares in the new company for each TM share they currently own (I think Live Nation shareholders would get one for one), and that the merged company’s board would have more TicketMaster appointed directors than Live Nation ones. So, while Live Nation’s man would be in charge, the merger favours Ticketmaster in all other ways. Rapino, by the way, would be paid $1.5 million a year, with an annual bonus of up to double that if the company performs well. Nice work if you can get it.
Billboard say that, when it comes to justifying the merger, which has been criticised by the two companies’ rivals in the tour promotion and ticketing industries, the SEC filing says that the boards of both firms believe “the merger will present the combined company with a unique opportunity to improve the live entertainment experience and drive major innovations in ticketing technology, marketing and service”.
