Ticketmaster Entertainment and Live Nation Shares Surge On News Of Merger Approval

Shares of both Live Nation, Inc. (NYSE: LYV) and Ticketmaster Entertainment, Inc. (Nasdaq: TKTM) surged nearly 10% today on news from CNBC financial television that the Justice Department would approve the two companies' merger.

The merger, which was first announced in February of last year, will combine the ticketing king Ticketmaster with the world's largest concert promoter, Live Nation.

The merger of the two companies was approved by the UK last month, after they had initially raised concerns that the deal would hamper competition.

The merger will be valued at roughly $798 million based on Monday's prices.

Although the merger is a relatively small combination in U.S. business terms, it has attracted criticism from artists, fans and politicians ever since it was first announced. Some view it as a test case for the Obama administration's promise to get tough on mergers.