(UPDATED) In a move that creates the world's largest music management firm, Vivendi-Universal have formed a joint venture with Live Nation that will include UMG's owned management co.'s Sanctuary, Trinifold, Twenty First Artists (TFA) and 5B and such artists as ZZ Top, The Who, Robert Plant, Judas Priest, Fleetwood Mac and Wolfmother.  As we reported this morning, Live Nation Chairman Irving Azoff and his Front Line Management division will helm the venture. Front Line clients include The Eagles, Aerosmith, Christina Aguilera, Jimmy Buffet and Neil Diamond.

The new joint venture management company is aimed at "strengthening artists and their brands through a variety of worldwide sponsorships, strategic marketing campaigns and brand extension opportunities".

According to the joint press release: "While each of UMG’s divisions will remain independently run under their current management, which includes prominent managers Carl Stubner (Sanctuary), Bill Curbishley and Robert Rosenberg (Trinifold), Cory Brennan and Bob Johnsen (5B) and Colin Lester (Twenty First
Artists), they will work closely with Front Line to expand their respective rosters of artists and managers".

Live Nation will get a 51% stake in the combined company, according to the New York Post though no money will change hands in the deal. Universal and Live Nation’s Ticketmaster are also expected to work together to package concert tickets with merchandise, DVD's and recorded music as part of the arrangement.