(Logo: www.newscom.com/cgi-bin/prnh/20081203/LAW048LOGO-b)

"During the first six months of 2009, we sold 16.3 million tickets which exceeded our plan by more than one million tickets," said Michael Rapino, President and Chief Executive Officer of Live Nation. "Highlighting the underlying strength of our business, our ticket sales going into the peak summer concert season surged, as reflected in our record level of deferred revenue. We are putting fans in seats as a result of our strong concert line-up and our value priced promotions. Our 'No Service Fee' promotions have been a huge success, generating nearly 500,000 ticket sales in the second quarter, with most of the benefits expected to play out in the third quarter. These promotions are highly effective for Live Nation as they are increasing awareness around our concert season. We believe that any reduction in margin that we sacrifice on the ticket purchase will be more than made up for in incremental ticket sales and additional on-site spending. We have now proven that we can motivate the casual fan to come to concerts, thereby growing our core business and reducing our historic 40% unsold inventory levels."

"The year-over-year variation in our North American Music financial results during the quarter was in line with our internal expectations as we move toward what we expect will be a strong third quarter concert season," Rapino continued. "We had never planned on exceeding our record results from 2008 in North American Music, but instead planned to grow our overall adjusted operating income through robust International growth. Our North American strategy was centered on increasing profits per show through cost management and incremental ticket sales on reduced show counts in 2009 in an effort to reduce our capital risk profile. We believe that the combination of these trends point to a robust third quarter and support our positive outlook for 2009, continuing our trend of annual adjusted operating income growth in order to increase free cash and reduce long-term debt."

Highlights:

-- Reported revenue of $1.1 billion reflects a decline of $86.3 million due

to foreign currency exchange movements. Revenue on a constant currency

basis was up 2% over the prior year.

-- International Music continued to show strength with increased margins in

the second quarter driven by higher promotion activity and improved

festival results.

-- Deferred revenue as of June 30, 2009 was $894.1 million as compared to a

balance of $782.3 million as of June 30, 2008.

-- Through our Ticketing segment, we have sold 7.6 million tickets globally

since the beginning of 2009, including 4.3 million tickets sold in the

second quarter of 2009.

-- Successfully launched our "No Service Fee Wednesday"

promotion, selling nearly 500,000 tickets to our shows in North America

in the second quarter.

-- Our LiveNation.com network was ranked 7th by Nielsen NetView among the

most-visited domestic music websites, with 4.3 million unique visitors

in June 2009.

-- We continue the process of seeking regulatory approval for our pending

merger with Ticketmaster Entertainment, Inc. and we currently expect

that this transaction will be completed in the fourth quarter of 2009.

For the second quarter of 2009, we incurred $14.9 million of acquisition

expenses for this transaction. These costs are now required to be

expensed under new accounting rules in 2009 and therefore reduced our

operating income for the period.

Key operating metrics related to our business for the second quarter and six months ended June 30 are outlined below:

METRICS

-------

(Unaudited; $in

millions except

as noted)

----------------

Q2__ Q2__ 6 months__ 6 months

Key Drivers__ 2009__ 2008__ Variance__ 2009__ 2008__ Variance

----------- ---- ---- -------- ---- ---- --------

Global Music

------------

Talent Costs and

Other Event

Direct Operating

Expenses__ $831.5__ $881.7__ (5.7%)__ $1,200.0__ $1,270.7 (5.6%)

Talent and Other

Event Expenses

as % of Total

Revenue__ 81.1%__ 80.0%__ 80.0%__ 79.5%

Number of Live

Rights

(Concerts)

(est.)__ 5,713__ 5,832__ (2.0%)__ 10,153__ 10,313 (1.6%)

Total

Attendance

(est.)__ 13,124,000__ 13,462,000__ (2.5%)__ 20,175,000 21,365,000 (5.6%)

Ancillary

Revenue per

Attendee - NA

Music Amps

only*__ $18.28__ $17.67__ 3.5%__ $18.17__ $17.77__ 2.2%

Total Revenue

per Attendee__ $78.16__ $81.82__ (4.5%)__ $74.31__ $74.83 (0.7%)

------------- ------ ------ ----- ------ ------ -----

Sponsorship

-----------

Number of

Sponsors - as

of date (est.)__ 576__ 623__ (7.5%)__ 576__ 623 (7.5%)

Sponsorship

Revenue

Recognized__ $45.1__ $45.1__ 0.1%__ $66.1__ $63.0__ 4.9%

Average Revenue

per Sponsor

(rounded, whole

$)__ $78,000__ $72,000__ 8.3%__ $115,000__ $101,000 13.9%

---------------- ------- ------- --- -------- -------- ----

* Excludes rentals

FINANCIAL HIGHLIGHTS - 2nd QUARTER

----------------------------------

(Unaudited)

-----------

Q2 2009__ Q2 2008__ Growth

------- ------- ------

$in millions

Revenue

North American

Music__ $693.4__ $691.8__ 0.2%

International Music__ 332.3__ 409.7__ (18.9%)

Ticketing__ 20.2__ 7.3__ **

Other__ 17.1__ 20.9__ (18.2%)

---- ---- ------

$1,063.0__ $1,129.7__ (5.9%)

========__ ========__ =====

Margins

-------

Adjusted Operating__ Q2 2009__ Q2 2008

Income (Loss)

------- -------

North American

Music__ $29.1__ $48.9__ (40.5%)__ 4.2%__ 7.1%

International Music__ 24.6__ 23.7__ 3.9%__ 7.4%__ 5.8%

Ticketing__ 1.8__ (2.7)__ **__ 8.9%__ (37.0%)

Other__ 5.9__ 3.8__ 55.3%__ **__ **

Corporate__ (10.2)__ (10.5)__ 2.5%

----- ----- --- --- ---

$51.2__ $63.2__ (19.0%)__ 4.8%__ 5.6%

=====__ =====__ ======__ ===__ ===

Operating Income (Loss)

North American

Music__ $6.7__ $25.7__ (73.9%)__ 1.0%__ 3.7%

International Music__ 14.5__ 15.9__ (8.8%)__ 4.4%__ 3.9%

Ticketing__ (1.4)__ (4.3)__ 67.4%__ (6.9%)__ (58.8%)

Other__ 4.5__ 1.8__ **__ **__ **

Corporate__ (12.8)__ (11.3)__ (13.3%)

----- ----- ------ --- ---

11.5__ 27.8__ (58.6%)__ 1.1%__ 2.5%

---- ---- ------ --- ---

Acquisition Transaction

Expenses:

Corporate__ (14.9)__ - **

----- --- --- --- ---

$(3.4)__ $27.8__ **__ (0.3%)__ 2.5%

=====__ =====__ ===__ =====__ ===

The highlights of our financial information for the second quarter of 2009, as compared to the second quarter of 2008, are as follows:

Revenue change - Total decrease of $66.7 million, primarily driven by:

-- ($86.3) million - Foreign exchange movements, primarily in International

Music.

-- ($14.6) million - Decrease in International Music related to the

divestiture of F&P Italia.

-- $26.8 million - Acquisitions of De-Lux and Fantasma in North American

Music and small acquisitions in International Music.

-- $12.9 million - Increase in Ticketing due to higher revenue from the

launch of our new ticketing platform and related sponsorship revenue.

Adjusted Operating Income (Loss) change - Total decrease of $12.0 million, primarily driven by:

-- ($7.6) million - Foreign exchange movements, primarily in International

Music.

-- ($19.8) million - Decline in North American Music primarily due to an

overall decrease in events, primarily in clubs and theaters, partially

offset by more arena shows which tend to have higher costs.

-- $6.3 million - Increase in International Music primarily due to strong

stadium, arena and theater events, growth in festival results and the

reopening of the O2 Dublin.

-- $4.5 million - Increase in Ticketing due to higher net revenue from

ticket service charges related to events that occurred during the second

quarter of 2009, along with ticketing-related sponsorships.

Operating Income (Loss) change - Total decrease of $31.2 million, primarily driven by:

-- ($12.0) million - Overall decrease in adjusted operating income (loss)

noted above.

-- ($3.9) million - Higher depreciation and amortization expense primarily

due to increases in our International Music and Ticketing segments

driven by the reopening of the O2 Dublin and the launch of our ticketing

platform.

-- ($14.9) million - Acquisition transaction expenses in Corporate which

are now required to be expensed under new accounting rules in 2009.

These costs are related to our planned merger with Ticketmaster.

FINANCIAL HIGHLIGHTS - SIX MONTHS ENDED JUNE 30

-----------------------------------------------

(Unaudited)

-----------

6 months__ 6 months

2009__ 2008__ Growth

---- ---- ------

$in millions

Revenue

North American Music__ $1,015.6__ $1,026.8__ (1.1%)

International Music__ 483.7__ 571.9__ (15.4%)

Ticketing__ 30.3__ 13.0__ **

Other__ 32.7__ 50.7__ (35.5%)

---- ---- ------

$1,562.3__ $1,662.4__ (6.0%)

========__ ========__ =====

Margins

-------

Adjusted Operating__ 6 months__ 6 months

Income (Loss)__ 2009__ 2008

---- ----

North American Music__ $2.6__ $25.0__ (89.6%)__ 0.3%__ 2.4%

International Music__ 28.3__ 22.6__ 25.2%__ 5.8%__ 4.0%

Ticketing__ (3.9)__ (6.0)__ 35.0%__ (12.9%)__ (46.1%)

Other__ 10.9__ 10.1__ 7.7%__ **__ **

Corporate__ (21.3)__ (19.7)__ (8.2%)

----- ----- ----- --- ---

$16.6__ $32.0__ (48.0%)__ 1.1%__ 1.9%

=====__ =====__ ======__ ===__ ===

Operating Income (Loss)

North American Music__ $(51.4)__ $(19.8)__ **__ (5.1%)__ (1.9%)

International Music__ 10.7__ 4.1__ **__ 2.2%__ 0.7%

Ticketing__ (10.6)__ (8.2)__ (29.3%)__ (35.0%)__ (63.0%)

Other__ 8.1__ 5.9__ 37.3%__ **__ **

Corporate__ (26.0)__ (24.5)__ (6.1%)

----- ----- ----- ---- ----

(69.2)__ (42.5)__ (62.8%)__ (4.4%)__ (2.6%)

----- ----- ------ ----- -----

Acquisition Transaction

Expenses:

International Music__ (0.1)__ - **

Corporate__ (18.6)__ - **

----- --- --- ---- ----

$(87.9)__ $(42.5)__ **__ (5.6%)__ (2.6%)

======__ ======__ ===__ =====__ =====

The highlights of our financial information for the six-month period ended June 30, 2009, as compared to the same period in 2008, are as follows:

Revenue change - Total decrease of $100.1 million, primarily driven by:

-- ($134.9) million - Foreign exchange movements, primarily in

International Music.

-- ($38.3) million - Decline in North American Music primarily due to an

overall decrease in events and attendance at theaters, clubs and other

third-party venues, in addition to a decline in House of Blues special

events.

-- ($16.9) million - Decrease in International Music related to the

divestiture of F&P Italia.

-- $38.0 million - Acquisitions of De-Lux and Fantasma in North American

Music and DF Concerts and other small acquisitions in International

Music.

-- $22.2 million - Increase in International Music driven by stronger

promotion revenue, primarily in stadium, arena and theater events,

improved festival performance and the reopening of the O2 Dublin.

-- $17.3 million - Increase in Ticketing due to the launch of our new

ticketing platform, incremental sales from a new third-party venue and

ticketing-related sponsorship revenue.

Adjusted Operating Income (Loss) change - Total decrease of $15.4 million, primarily driven by:

-- ($8.9) million - Foreign exchange movements, primarily in International

Music.