Groupon, Live Nation partner on concert discounts

@CNNMoneyTech May 9, 2011: 12:06 PM ET

NEW YORK (CNNMoney) -- Daily deals site Groupon is linking up with the country's largest concert promotor, Live Nation Entertainment.

Their new ticketing service, called GrouponLive, will launch in time for the summer concert season, the companies said Monday. Financial terms of the joint venture were not disclosed.

Live Nation's massive reach will give Groupon subscribers "unprecedented access" to live entertainment, Groupon founder and CEO Andrew Mason said in a prepared statement. The new site will feature discount offers on tickets to concerts, sports, theater, arts and other events.

GrouponLive represents a partnership between two power players in their fields. As of March, Groupon had 70 million subscribers across the globe, including 31 million in North America. The company's past event deals have included discounts on tickets for Macworld, baseball games and Bon Jovi concerts.

Meanwhile, Live Nation Entertainment is a conglomerate of four of the biggest names in the music business. Its merger with Ticketmaster, which combined the nation's largest seller of live event tickets and its biggest concert promoter, sparked an antitrust investigation in 2009. The merger was completed last year, and the combined company sold almost 120 million tickets in 2010.

Live Nation Concerts produces more than 20,000 shows around the world each year, and its Live Nation Network is a top entertainment marketing firm. The fourth piece of Live Nation is Front Line, the leading global artist management company. To top of page