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Live Nation Sees Ticketmaster Deal Closing in Q1

November 9, 2009
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Live Nation (LYV) today said it expects the acquisition of the company by Ticketmaster (TKTM) to close in the first quarter of next year. Meanwhile, both companies today posted solid results for the third quarter.

Live Nation posted Q3 revenue of $1.81 billion, up from $1.59 billion a year ago, and ahead of the Street consensus at $1.62 billion. The company said the 14 percent increase in revenue was driven by a 12 percent increase in event attendance. Adjusted operating income of 160.8 million was up sharply from $109.5 million; free cash flow of $123.2 million was nearly double the $64.4 million reported for the year-ago quarter.

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