The TicketMaster/Live Nation merger: what does it mean for consumers and the future of concert business?: hearing before the Subcommittee on ... on the Judiciary, United States Senate

LC Number: KF26 .J8352 2009 OCLC Number: (OCoLC)558483369 Subject: Consolidation and merger of corporations -- United States. Excerpt: ... 11 STATEMENT OF JERRY MICKELSON, CHAIRMAN AND EXECU-TIVE VICE PRESIDENT, JAM PRODUCTIONS, CHICAGO, ILLI-NOIS ICKELSON Mr. M. Thank you, Chairman Kohl, Ranking Member Hatch, and other members of the Senate Judiciary Subcommittee, for allowing me to appear before you to hear my testimony about the competitive harms that will arise if the proposed merger of Ticketmaster and Live Nation is allowed to go through. I am here today speaking on behalf of concert fans as well as many other in-terested and concerned stakeholders in the music industry. Also here today are two giants in the music business. Both Mr. Azoff, representing Ticketmaster, and Mr. Rapino, representing Live Nation, are already the two most powerful people in contem-porary music. Their companies are both Goliaths, so their unifica-tion will create a business with extraordinary market power and clout unlike any that I have ever seen in my lifetime. This causes me to have serious concerns about the business I work in and I love because this new company has the ability to continue to strengthen their hold on the entire music industry even farther than what currently exists today. If this merger is allowed to proceed, the combined entity will have the ability to suppress or eliminate competition in many seg-ments of the music industry, including rival concert promoters, pri-mary and secondary ticketing companies; artist management firms; talent agencies; venue management companies; record companies; artist merchandise, music apparel and licensing companies; and sponsorship companies. It is my belief this merger is vertical inte-gration on steroids. The amalgamation of these two companies into one should make them the poster child illustrating why this country has and needs antitrust laws. The size and scope of this new company will be un-matched and pose a formidable...