Recently, it has been announced that the world’s largest concert promoter Live Nation Incorporated was planning to buy Ticketmaster Entertainment Inc for approximately $400 million in stock, in an attempt to create a company to dominate holdings in concert promotion and ticket sales.

Nevertheless, on Tuesday, shares of both companies fell, while many have voiced their concerns that the purchase might come to be blocked by United States antitrust regulators under the new Obama administration.

U.S. Senator Charles Schumer requested a federal probe into Ticketmaster, stating that the deal between the latter and Live Nation would give the new company resulting from the merge an unparalleled power over concert-goers and ticket prices.

The new entity will be called Live Nation Entertainment and will market over 150 million concert tickets a year, promote 22,000 concerts annually and also own more than 140 venues worldwide.

The partnership entails that Ticketmaster shareholders would get 1.384 shares of Live Nation common stock for each share of Ticketmaster they own, whereas Live Nation would own 49.99 percent of the combined company and Ticketmaster would hold the remaining 50.01 percent, the two companies have announced in a statement.

Furthermore, Live Nation Chief Executing Officer (CEO) Michael Rapino would run the new company as CEO, while Ticketmaster Entertainment CEO Irving Azoff would be executive chairman, the companies also revealed.

Moreover, Ticketmaster chairman Barry Diller would serve as the non-executive chairman.

The deal is said to give rise to a company with an enterprise value of $2.5 billion including debt.