Ticketmaster completes Front Line transaction

Ticketmaster said Friday it completed the purchase of a majority stake in talent agency Front Line Management Group Inc. for $123 million in cash.

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Ticketmaster had owned 46 percent of Front Line as of December 2007.

The company also changed its name to Ticketmaster Entertainment Inc., which will include both Ticketmaster and Front Line. As previously announced, Front Line founder and Chief Executive Irving Azoff will serve as CEO of Ticketmaster Entertainment.

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The Front Line deal allows the global ticket seller to better compete with concert promoter Live Nation Inc., which is increasingly signing comprehensive rights deals with artists and is starting up its own ticketing operation in January.

Ticketmaster's stock fell 31 cents, or 3.2 percent, to $9.25 in afternoon trading. The shares have traded in a 52-week range of $8.39 to $27.