NEW YORK, May 12 (Reuters) - Ticketmaster Entertainment Inc said on Tuesday it has received the required approval
from its lenders for its proposed merger with Live Nation Inc , the world's largest concert promoter.
The leading ticketing company said more than 50 percent of its lenders have given approval for the merger which its executives said had been one of the major hurdles for its plan to combine with Live Nation.
Ticketmaster's plan to merge with Live Nation has met with antitrust concerns from politicians and consumer groups. The case is currently being examined by the U.S. Department of Justice. Both companies said they expect the merger to close this fall.
Ticketmaster also said Tuesday that first-quarter net income dropped to $7.2 million, or 12 cents a share, from $32.7 million, or 58 cents a year ago.
Profit was hurt by ticketing volume declines, pre-merger and public expenses and foreign exchange volatility.
Revenue increased by 7 percent to $373.8 million, thanks in part to Ticketmaster's acquisition of Front Line Management group in October 2008.
(Reporting by Yinka Adegoke, editing by Matthew Lewis)
((yinka.adegoke@thomsonreuters.com; + 1 646 223 6081; Reuters Messaging: Yinka.adegoke.reuters.com@reuters.net)) Keywords: TICKETMASTER/ (Click on http://blogs.reuters.com/category/themes/mediafile/ to see Reuters MediaFile blog) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The leading ticketing company said more than 50 percent of its lenders have given approval for the merger which its executives said had been one of the major hurdles for its plan to combine with Live Nation.
Ticketmaster's plan to merge with Live Nation has met with antitrust concerns from politicians and consumer groups. The case is currently being examined by the U.S. Department of Justice. Both companies said they expect the merger to close this fall.
Ticketmaster also said Tuesday that first-quarter net income dropped to $7.2 million, or 12 cents a share, from $32.7 million, or 58 cents a year ago.
Profit was hurt by ticketing volume declines, pre-merger and public expenses and foreign exchange volatility.
Revenue increased by 7 percent to $373.8 million, thanks in part to Ticketmaster's acquisition of Front Line Management group in October 2008.
(Reporting by Yinka Adegoke, editing by Matthew Lewis)
((yinka.adegoke@thomsonreuters.com; + 1 646 223 6081; Reuters Messaging: Yinka.adegoke.reuters.com@reuters.net)) Keywords: TICKETMASTER/ (Click on http://blogs.reuters.com/category/themes/mediafile/ to see Reuters MediaFile blog) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.