A source told USA Today the two companies agreed to become one that is valued at $2.5 billion. The merger would pass savings on to the consumer, who would have the ability to handpick seats at concerts.

Live Nation Entertainment would save the companies $40 million annually by eliminated duplication, according to USA Today.

Live Nation would reportedly offer 1.384 shares of stock for each TM share. Each company would have seven representatives on the 14-member board.

The merger still faces approval by the U.S. Department of Justice.