It already seemed like just about nobody was happy about the Ticketmaster/Live Nation merger, except Ticketmaster and Live Nation. But now the newly formed Live Nation Entertainment Inc. is facing a lawsuit filed by its shareholders, who ain't too happy, either.
As the The Daily Swarm tipped us off to, basically the shareholders think that Ticketmaster had a case of teenage girl self esteem and sold itself for too little to Live Nation. Ticketmaster shareholders say the executives "exploited the temporary downturn in the company's share price, off almost 40 percent in the last three months, and secured benefits for themselves outside of the deal," basically screwing the shareholders. If we may use legal terms.
In the deal, Ticketmaster shareholders get 1.38 shares of Live Nation Entertainment stock for every share of Ticketmaster they own. They want a Los Angeles state court judge to block the deal, which is still pending -- as we told you last week, the merger is being reviewed as a possible illegal monopoly by the Justice Department's antitrust division.