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Ticketmaster profit falls 70%

August 14, 2009|Times Staff and Wire Reports

Ticketmaster Entertainment Inc. said its second-quarter net income plunged 70% as ticket sales volumes fell and it booked expenses related to its pending merger with concert promoter Live Nation Inc.

Net income in the quarter that ended June 30 dropped to $7 million, or 12 cents a share, from $23 million, or 41 cents, a year earlier.

Revenue fell 7% to $355 million.

Excluding $5 million in merger costs, adjusted earnings hit 20 cents a share.

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