September 12, 2008 |
When Live Nation Inc. leaves Ticketmaster next year to launch its own ticketing service, it won't go alone. The concert promoter -- which was once Ticketmaster's largest client -- signed a multiyear agreement with Philadelphia-based SMG, a facilities operator that runs 216 venues including 75 arenas and nine stadiums. Live Nation says it expects to sell 25 million tickets to SMG venues over the course of the deal, beginning in late 2009, which analysts estimate could account for about $50 million in revenues for the Beverly Hills-based concert promoter.
July 28, 2009 |
A growing chorus of lawmakers is warning that the proposed merger of ticketing firm Ticketmaster Entertainment Inc. and concert promoter Live Nation Inc. raises serious competition concerns. In a letter to Assistant Atty. Gen. Christine Varney, Sen. Herb Kohl (D-Wis.) called on the Justice Department to approve the deal only if it wouldn't harm competition and lead to higher prices. In a separate letter to Varney, 50 House members said the Justice Department should view the merger "with great skepticism" because the combined company "would enjoy a virtual stranglehold over the live entertainment industry."
October 22, 2008 |
Ticketmaster said Tuesday that it would fire about 5% of its global workforce as part of a previously announced cost-reduction plan. The West Hollywood ticket vendor said about 300 jobs would be eliminated. The company has about 6,000 full-time and part-time employees. In August, Ticketmaster said it would reduce operating expenses by about $35 million as it integrated two companies -- ticketing technology maker Paciolan and ticket reseller TicketsNow -- that it acquired earlier this year.
December 2, 2008 |
Blockbuster Inc., the struggling video and game rental company, has signed a three-year ticket distribution deal with Live Nation Worldwide Inc. in Los Angeles, the world's largest live music company. Live Nation's new in-house ticketing company will sell its retail tickets exclusively through some 500 Blockbuster-owned stores in key concert venue markets. The stores will exclusively offer blocks of tickets during the first four hours of ticket sales. The companies also plan to offer exclusive concert products and promotions to Blockbuster customers.
July 7, 2006 |
EMI Group said Thursday that it would distribute the recordings of Mandy Moore and rock group Army of Anyone through a new label created by talent management company the Firm that plans to share profit directly with the artists. The profit-sharing aspect of the label, which hasn't yet been named, differs from traditional royalty agreements, London-based EMI and the Firm said.
September 29, 2010 |
Barry Diller said he plans to resign as chairman of Live Nation Entertainment Inc., eight months after a merger that combined the world's largest concert promoter and ticketing companies. Diller said in a statement that while there is "no rush," he told board members Tuesday that they should start the process to appoint a new chairman. Live Nation has faced a disappointing summer concert season in North America with acts such as U2 postponing shows, and its stock plunged 21 percent over two days in July after Chief Executive Michael Rapino said growth had slowed.
June 21, 2008 |
Live Nation Inc.'s Michael Cohl stepped down as chairman of the world's largest concert promoter after a report of a strategy dispute with Chief Executive Michael Rapino. Cohl, who held the post since February, will become a consultant to the company, Beverly Hills-based Live Nation said Friday. A successor wasn't named. Live Nation shares fell $1.27, or 9.8%, to $11.73 after a Wall Street Journal report Thursday that Cohl might leave over the strategy dispute.