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| Live Nation, Ticketmaster profits take a hit due to Proposed Merger |
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Live Nation said Monday that its net income fell by half to $69 million, or 78 cents per share. Better sales of concert tickets sent revenue up 14 percent to $1.81 billion. Ticketmaster's net income increased more than a third to $13 million. Revenue rose 3 percent to $349 million. Combined, the companies spent nearly $12 million in merger expenses in the quarter. Ticketmaster's legal fees and other deal costs cut 7 cents per share off its earnings, which came to 22 cents per share. Without the expense, its earnings would have beat analysts' average forecast of 25 cents, according to Thomson Reuters. Live Nation, which is based in Los Angeles, would have earned 87 cents per share without merger costs, above analysts' average forecast for earnings of the 80 cents per share, on $1.62 billion in revenue. The companies are awaiting a U.S. Justice Department ruling on their plan to create a concert-promoting and ticketing giant. British authorities came out against the deal last month and plan to issue a final report by Jan. 19 that could force the companies to sell divisions or make other concessions. Related Articles: Block this music monopoly - TM/LN merger will hurt concert consumers. by David Balto (originally published at Philly.com)
Nine months after Ticketmaster announced its proposed merger with Live Nation, the Justice Department's antitrust investigation seems to be entering the ninth inning, and the bases are loaded. Numerous consumer groups and 50 members of... Live Nation Unloads U.K. Theatre Division for Approximately U.S. $160 Million Live Nation
, the world's largest live music company, recently announced that it has
closed the sale of its remaining U.K. theatrical venues and operations
to The Ambassador Theatre Group, an owner and operator of regional
theatres in the United Kingdom. In addition, on October 23, 2009,... Live Nation Reports Strong Third Quarter Results Live Nation (NYSE: LYV) released financial results for the three months ended September 30, 2009 today.
“We generated robust organic growth from our operations during the third quarter as we focused on executing our fundamentals with excellence during the peak concert season,” said... Comcast Jumps into Ticketmaster Live Nation Merger Fray According to recent reports from Bloomberg, Comcast is looking to help ease the Ticketmaster Live Nation merger by massaging and lobbying for the marriage. Comcast is the largest U.S. cable operator and controls an
arena-management as well as a ticketing company.
Promoter Louis Messina raises new concerns about Ticketmaster and possible scalping activities Allegations have been swirling for months about Ticketmaster's potential scalping of their own concert tickets. Louis Messina, Nashville area promoter and president of TMG/AEG live, is the latest to add his voice to the growing chorus of concern.
Ticketmaster Signs Exclusive Deal to Provide Ticketing Services for the 2010 Women's Rugby World Cup Ticketmaster, a Ticketmaster Entertainment, Inc. (NASDAQ:TKTM) company,
is proud to announce it has signed an exclusive deal to provide the ticketing
services for the 2010 Women's Rugby World Cup.
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Live Nation and Ticketmaster
Entertainment Inc. both stated that their earnings were hurt by
costs related to the proposed deal, which is expected to continue into 2010 as
regulators examine antitrust issues.
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