Live Nation Entertainment Inc. and Universal Music Group said they will launch a joint venture management company aimed at strengthening performing artists and their brands.

Live Nation, the Beverly Hills concert and artist promoter, late Monday said that its Front Line Management Group division would work with the Santa Monica music company to offer a variety of worldwide sponsorships, strategic marketing campaigns and brand extension opportunities to artists.

The partnership will be managed by Front Line and focus on developing direct-to-consumer bundling initiatives for Universal Music artists in key markets around the world that bring together concert tickets and a variety of music products with artist websites. In addition, ticketing and bundling products will be handled by Live Nation Entertainment’s Ticketmaster division.

UMG, a division of France’s Vivendi SA, has an artist roster that includes The Who, Robert Plant and ZZ Top. Front Line Management artists include Christina Aguilera, Aerosmith and the Eagles.

“Ticketmaster’s digital distribution platforms will further support artist development by reaching millions of fans worldwide,” Live Nation Chief Executive Michael Rapino said in a statement.

Shares were up 4 cents, or less than 1 percent, to $8.39 in midday trading Tuesday on the New York Stock Exchange.