Universal Music Group is forming a joint venture with Live Nation Entertainment to form a new artist management company. The deal will bring Universal's four management firms under the banner of Live Nation's Front Line Management Group, which boasts major artists such as the Eagles, Christina Aguilera and Jimmy Buffett as clients. Live Nation will have control and co-ownership of the company.
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Since Universal is the world's largest record company and Live Nation – which includes Ticketmaster – is the biggest ticketing company, this joint venture is likely to give clients an incredible degree of leverage in the market. The companies are already planning on making the most of their collective resources. "We are creating a series of new platforms and global direct-to-consumer initiatives that will further expand the presence of our artists in the evolving marketplace while providing music fans with even more flexibility in how they consume music," Lucian Grainge, chief executive of Universal Music, said in a statement.