(Corrects paragraph 6 to say Groupon is expected to be valued
at $15-$20 bln)
(Adds details on Live Nation and Groupon)
May 9 Top online group buying site Groupon tied
up with Live Nation Inc to launch a new online ticketing
deals web site that will allow customers buy tickets to
concerts, theatres and other live events at discounted prices.
Live Nation Entertainment, which was created by the
combination of concert promoter Live Nation and Ticketmaster
Entertainment, produces over 20,000 shows annually for more than
2,000 artists and bands like Rihanna and Def Leppard.
The new site, GrouponLive, timed to launch with the summer
concert season, will act as a local resource for Live Nation
events and clients of its ticketing business, Ticketmaster, the
companies said in a statement.
The companies did not disclose the financial terms of the
"Our success is based on selling tickets and filling seats
and GrouponLive gives us another platform to achieve this,"
Live Nation Chief Executive Michael Rapino said.
Groupon, whose expected IPO could value the company at
about $15-$20 billion , is a leader in the hot and crowded
online daily deals market.
The company has grown to about 50 million users from 3
million across 500 cities in 40 countries over the course of
Live Nation shares had closed at $10.75 on Friday on the New
York Stock Exchange