Wednesday, February 11, 2009

LiveNation, TicketMaster Merge as Sirius XM Files Chapter 11

Nearly two years to the day after announcing a plan to merge, Sirius XM Satellite Radio is plunging headlong into bankruptcy.

Two sources familiar with the situation said Sirius XM is favoring a Chapter 11 filing over a deal with satellite-TV operator EchoStar, whose CEO, Charlie Ergen, has been buying up Sirius XM debt in a bid to take control of the company.

Meanwhile as I reported here, the boards of LiveNation and Ticketmaster unanimously agreed on Monday to merge their companies — potentially creating a concert and live entertainment behemoth.

In announcing the deal Tuesday morning the companies said they plan an all-stock merger of equals. The combined company will be called Live Nation Entertainment.

What a mess.

In other news, last night I saw a hot jazz band play at my local watering hole.

Cover Charge: $0
Service Fee: $0
Jamesons Whiskey: $7

Re-Connecting with Old Friends: PRICELESS

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