Concert promoter Live Nation Entertainment Inc. and Chicago-based online deal site Groupon are forming a venture to develop an online ticketing deal Web site called GrouponLive.

Financial terms were undisclosed, but the site is expected to go live ahead of the summer concert season.

Groupon, a rapidly growing service based in Chicago that offers hundreds of daily discounts in 500 markets, and Los Angeles-based Live Nation, which acquired Ticketmaster last year, say the site will offer deals on tickets to concerts, sports, theater, arts and other live events.

Led by Groupon, daily-deal ticket sites have proliferated over the past year.