Photo: wenn.com

The boards of Ticketmaster and Live Nation have reportedly agreed to merge in the US during meetings on Sunday and Monday (February 9).

The new company, called Live Nation Entertainment, could be valued at $2.5billion and would own some of the countries biggest venues, Ticketmaster's monopoly of the live ticket sales market and deals with artists such as Jay-Z and Madonna.

According to the Wall Street Journal the news was leaked by an unidentified executive who was briefed on the merger.

The paper reports that the Ticketmaster board approved the deal on Sunday but because unresolved issues including accounting details the Live Nation board didn't put their stamp of approval on the merger until Sunday.

The deal is likely to be highly scrutinized by regulators due to the possible creation of a monopoly by the entertainment powerhouses.

The companies are expected to argue that the merger is better for the consumer with handling and purchase fees possibly be reduced.