A new massive business is set to emerge from the union of the nation’s largest ticket vendor, Ticketmaster Entertainment Inc, and the largest concert promoter in U.S., Live Nation Inc, after boards of the companies signed an agreement on Monday approving the merging of the two.

According to the Wall Street Journal, the deal that could reshape the entire music and live entertainment business was approved by Ticketmaster’s board on Sunday, but due to some unresolved matters, Live Nation couldn’t do so for around 24 hours. Reconvening later on Monday, the Live Nation board approved the deal as well.

If approved by regulators, the deal would give birth to company with almost $6 billion in revenue and a dominant position up and down the music supply chain: control of major concert halls, ticketing and artist management. However, antitrust officials will likely scrutinize the deal between the two former competitors closely.

Called Live Nation Entertainment and valued at $2.5 billion, the new company will have Irving Azoff, the chief executive of Ticketmaster who managed the bands Guns N’ Roses and the Eagles, as executive chairman. He will also be the chief executive of Front Line Management, the largest artist management firm, which he had sold to Ticketmaster and which will become a unit of the combined company. As chief executive and president, the combined company will have Michael Rapino, the chief executive of Live Nation.

According to some reports, Ticketmaster investors would receive about 18 percent more shares since Live Nation has a larger shareholder base.

The news of their collaboration will hopefully take the focus away from the $500 million lawsuit filed against Ticketmaster on Monday over alleged scalping in Canada.

Filed by two law firms, Sutts, Strosberg in Toronto and Branch McMaster in Vancouver, the lawsuit claims that the ticket sales company redirected clients to its subsidiary on TicketsNow.com where the tickets were marked up by hundreds and even thousands of dollars. According to a lawyer for the plaintiff, Ticketmaster gets a 15 percent cut from TicketsNow.

“Ticketmaster profits twice as the result of the monopolistic scheme,” attorney Paul Kiesel, of Kiesel, Boucher & Larson LLP, said in the complaint, which seeks unspecified monetary damages and an injunction to stop the practice. “Defendants have illegally bilked event ticket purchasers out of millions of dollars.”

The lawsuit is based on complaints from angry clients who tried to purchase tickets for popular events but were told they were sold out only to be redirected to their secondary site where the same tickets were sold at much higher prices.

Hundreds of Bruce Springsteen fans complained straight to the Boss that they attempted to buy tickets for his upcoming “Working on a Dream” tour but were redirected to TicketsNow. The musician responded in a statement posted on his website expressing his disappointment in the ticket sales company and offering his support to the fans.

Ticketmaster has promptly issued an apology to the singer and his followers, and offered refund to those who bought from TicketsNow. Meanwhile, Senator Charles Schumer joined Rep. Bill Pascrell, D-N.J., in calling for the Federal Trade Commission to investigate the abuse allegations.