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Deal costs lower Live Nation, Ticketmaster profits
Monday, November 09, 2009 4:55 PM


(Source: Associated Press/AP Online)trackingLOS ANGELES - Proposed merger partners Live Nation Inc. and Ticketmaster Entertainment Inc. both say costs related to the deal cut into their earnings.

Live Nation said Monday that its net income fell by half to $69 million. That happened even as better sales of concert tickets sent revenue up 14 percent.

Ticketmaster's net income increased more than a third to $13 million. Revenue rose 3 percent.

Combined, the companies spent nearly $12 million in merger expenses in the quarter.

The companies are awaiting a U.S. Justice Department ruling on their plan to create a concert-promoting and ticketing giant. British authorities came out against the deal last month. The British plan to issue a final report by mid-January that could force the companies to sell divisions or make other concessions.

A service of YellowBrix, Inc.



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