Ticketmaster Entertainment Inc said on Tuesday it has received the required approval from its lenders for its proposed merger with Live Nation Inc, the world's largest concert promoter.

The leading ticketing company said more than 50 percent of its lenders have given approval for the merger which its executives said had been one of the major hurdles for its plan to combine with Live Nation.

Ticketmaster's plan to merge with Live Nation has met with antitrust concerns from politicians and consumer groups. The case is currently being examined by the U.S. Department of Justice. Both companies said they expect the merger to close this fall.

Ticketmaster also said Tuesday that first-quarter net income dropped to $7.2 million, or 12 cents a share, from $32.7 million, or 58 cents a year ago.

Profit was hurt by ticketing volume declines, pre-merger and public expenses and foreign exchange volatility.

Revenue increased by 7 percent to $373.8 million, thanks in part to Ticketmaster's acquisition of Front Line Management group in October 2008.