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Ticketmaster and Cablevision are now joining forces to purchase a 49-percent stake in AEG Live, according information reported by Billboard on Thursday. The deal, if consummated, would broaden AEG Live into a more diverse music entity, and allow stronger event promotion through Cablevision channels. The development follows a severed relationship between AEG competitor Live Nation and Ticketmaster, owned by Barry Diller-controlled IAC/InterActiveCorp. AEG Live is owned by Anschutz Entertainment Group.
Live Nation has been aggressively widening its portfolio through acquisition and internal expansion, part of an intense land-grab now characterizing the music business. That includes acquisitions within merchandising and online properties, and internal growth surrounding recording and ticketing units. On Thursday, Live Nation reported a net loss of $18.4 million during the recent quarter, narrower than a year-ago drop of $33.1 million.
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