The two US-based companies, both with large UK interests, will be forced to divest some of Ticketmaster's assets, but inked the deal today after months of wrangling.
Live Nation UK owns or operates a variety of venues and festivals, including The Cardiff International Arena, The Mean Fiddler and Reading and Leeds Festivals.
The new company will bear the name Live Nation Entertainment and is listed on the New York Stock Exchange, and said it expects to take advantage of the continued growth in the live entertainment industry.
"The entertainment industry needs innovation and we are ready to deliver," said Ticketmaster CEO Irving Azoff. "I'm truly excited that as this new company goes forward, we will be able to create more choices for family entertainment, sports, artists, teams and other rights holders."
The deal was finally agreed after the US Department of Justice and the Canadian Commissioner of Competition thrashed out a deal with the firm this morning.
In November Live Nation's UK arm sold its UK theatres for £90m.
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