Word: mergers
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Dates: during 2000-2009
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...Ticketmaster wants to gobble concert promoter Live Nation to further extend its reach. (Live Nation, which puts on more than 16,000 live shows annually, also recently launched its own ticketing service.) Word of a Ticketmaster-Live Nation merger has angered fans and performers alike, including Bruce Springsteen. Ticketmaster was already on The Boss's bad side after it recently directed fans to its secondary sales apparatus, which charges more, while regular tickets were still available. (The company publicly apologized.) An open letter on Springsteen's web site expressed his outrage: "The one thing that would make the current ticket...
...Ticketmaster sold more than 140 million tickets and industry experts estimate the company controls 70 % of the market for major concerts. If it merges with Live Nation, that share would increase substantially. The companies announced the terms of their merger Feb. 10, but the deal will have to be approved by government antitrust authorities. New York Senator Charles Schumer, who's on the Judiciary Committee, has already come out against the merger, signaling an uphill battle for further consolidation of the concert business. Eddie Vedder may yet get his revenge after...
Linked In. With the merger of Delta and Northwest, members of the airlines' frequent-flyer-program - SkyMiles for Delta and WorldPerks for Northwest - can link their accounts and transfer miles between them. Couple the accounts before March 15 and get 500 bonus miles...
...time being, both Cuomo and federal authorities should pass the ball to the Bank of America (BAC) board. It has a duty to look into the Merrill merger and decide what should be done about any misconduct. It is not unusual for boards to hire outside counsel to look through complex matters involving potential executive malfeasance. During the options grant scandal two years ago, boards often took the lead getting to the bottom of these sorts of issues...
Having the several government authorities in the mix of parsing how the Merrill merger went down puts too many cooks in the kitchen. The B of A board was not paying attention to management when it invested in risky assets and lost billions of dollars. Perhaps its members can earn their fees...