March 25, 2009 |
Ticketmaster Entertainment Inc. had its credit rating lowered one level to BB from BB-plus by Standard & Poor's Corp., which cited the company's fourth-quarter results and rising debt leverage. Ticketmaster, which is seeking to merge with concert promoter Live Nation Inc., may remain under pressure for at least the first half of 2009 as the recession cuts consumers' leisure spending, S&P said. As of Dec. 31, the West Hollywood-based ticket seller had total debt of $865 million, S&P said.
October 17, 2009 |
Ticketmaster Entertainment Inc. and Live Nation Inc. are considering the sale of some ticketing assets to ease U.S. regulators' antitrust concerns over their merger, a person with knowledge of the talks said. The live-music companies met with Justice Department officials last week and were told by antitrust enforcers to address concerns that the deal would concentrate too much power in ticketing, sources said. The Justice Department hasn't decided whether to block the merger, the people said.
March 20, 2009 |
Ticketmaster Entertainment Inc. lost $1.07 billion in the fourth quarter, as the ticket-selling company that hopes to merge with concert promoter Live Nation Inc. had to take a huge impairment charge to account for its falling share price. Ticketmaster said Thursday that the loss amounted to $18.82 a share in the three months that ended Dec. 31. The $1.
February 6, 2009 |
Shares of Warner Music Group Corp. rose after the record company reported a profit from the sale of its stake in an artist-management company to Ticketmaster Entertainment Inc. First-quarter net income of $23 million, or 15 cents a share, compared with a loss of $16 million, or 11 cents, a year earlier, the New York-based company said. Excluding the asset sale, Warner had a loss of 9 cents, better than the 14-cent average loss from eight analyst estimates compiled by Bloomberg. Chief Executive Edgar Bronfman Jr.'s push into online and mobile music sales failed to compensate for declines in compact disc sales.
October 9, 2009 |
Sorry, old chum. Ticketmaster Entertainment Inc. and Live Nation Inc. may have to divest assets in the United Kingdom to go ahead with their proposed merger, British regulators said Thursday. The Competition Commission, which investigates mergers for the British government, issued a provisional ruling that the merger of ticketing giant Ticketmaster and concert production company Live Nation could "severely inhibit" German ticketing company CTS Eventim. CTS signed a deal before the proposed merger was announced in February to sell tickets to music events for Live Nation in Britain.
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.