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| Live Nation Entertainment Termination of Contract Rejected by CTS Eventim |
 CTS EVENTIM has rejected as a “tactical litigational manoeuvre devoid of any material or legal foundation” the notice of termination issued by Live Nation in respect of the partnership agreement concluded in December 2007 and has announced that it will be claiming additional damages ranging in the millions. Under the agreement, Live Nation received a ten-year software and technology licence from Eventim to operate a ticketing system in North America. In return, it committed to have its ticket distribution in mainland Europe and the United Kingdom handled by Eventim. On the basis of the licence, Live Nation has been operating its own ticketing platform in the U.S.A. since the beginning of 2009, and with considerable success. Millions of tickets have since been sold via the platform. Eventim, in the meantime, has used the partnership to enter the Dutch, Swedish, Hungarian, Czech and UK markets. In a surprise move announced in February 2009, Live Nation entered into a merger with Ticketmaster. After the merger received approval in the U.S.A. in February 2010 and also from the British anti-trust authorities in May 2010, Live Nation alleged various breaches of contract by Eventim and threatened to terminate the agreement. Eventim has strictly rejected these accusations at all times and announced that it will claim substantial damages in the event of termination. Live Nation has nevertheless recently given notice that it is terminating the agreement on the grounds of alleged breaches. The Management Board of CTS Eventim AG considers this move to be a “predictable dodge” that must be seen in the context of the arbitration action against Live Nation that was lodged by Eventim at the International Chamber of Commerce (ICC) on 5 April 2010. In the arbitration action, Eventim is suing Live Nation for various breaches of contract, demanding that Live Nation fulfil the terms of agreement and that it pay damages. “Since the claims asserted at the ICC are based on the agreement, Live Nation is obviously endeavouring to influence the point of departure for proceedings by formally terminating that agreement. We will respond by claiming additional substantial damages due to unwarranted termination”, announced the Eventim Management Board in a statement. Related Articles: 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,... Eventim Tickets are now also on MySpace! A deal between CTS Eventim AG, Europe's market leader in the
primary ticketing market and MySpace, the world's largest music platform will
now have MySpace's users able to buy tickets directly from the primary ticketing
company under http://www.myspace.com/ticketshop.
CTS Eventim Sees Rising Profit Next Year
CTS Eventim, Europe's main player in the primary ticket market which also provides live entertainment, is confident of growing both its sales and profit next year despite the economic crisis, its chief executive told Boersen-Zeitung on Saturday.
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... Live Nation, Ticketmaster profits take a hit due to Proposed Merger
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.
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.
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