Live Nation operates music venues, provides management services to music artists, and promotes more than 35,000 shows and 100 festivals in 40 countries annually. The company acquired House of Blues, merged with Ticketmaster, and has also acquired concert and festival promoters in the U S, Australia, and Great Britain. How has the company used horizontal mergers and acquisitions to strengthen its competitive position? Are these moves primarily offensive or defensive? Has either Live Nation or Ticketmaster achieved any type of advantage based on the timing of its strategic moves?