ZURICH, Switzerland (CelebrityAccess) — Regulators in Switzerland have put the kibosh on a proposed merger between two of the country's largest ticketing agencies, Starticket and Ticketcorner.
According to IQ Magazine, the two companies proposed merging last November, seemingly in response to rumors that Live Nation was planning to launch a Ticketmaster division in Switzerland. Ticketcorner is owned in a joint venture by Ticketmaster rival CTS Eventim and Zurich-based conglomerate Ringier, while Starticket is the ticketing unit of Zurich-based publisher Tamedia.
In announcing its decision, the Swiss Federal Competition Commission stated their view that the merger would serve to stifle competition, leaving the merged company with a virtual monopoly over the ticketing industry in Switzerland, IQ reported
“The proposed merger would allow the two companies to control the Swiss market for third-party sales of tickets and eliminate effective competition,” the commission said a statement. “In addition, the companies’ links with two large media groups, Ringier and Tamedia, would have strengthened the position of the new company in the market.”
Following news of the merger's rejection, the would-be suitors expressed their regret over the commission's decision and stated that they reserve the right to pursue future legal remedy in the case. – Staff Writers