Live Nation And Ticketmaster Report Financials
November 10, 2009 at 4:16 AM (PT)
LIVE NATION's Q3 profit dropped while TICKETMASTER ENTERTAINMENT's rose and the companies said they believe their impending merger affected those numbers. They also expect the merger to be completed in the first quarter of 2010, despite resistance from The Justice Department.
LIVE NATION reported a profit of $69.2 million, or 78 cents a share, down from $138 million, or $1.66 a share, a year earlier. The company's shares fell 1.4% to $7.22. The stock has almost tripled from an all-time low in MARCH, but is still down a third from a year ago, reports THE WALL STREET JOURNAL.
"We generated robust organic growth from our operations during the third quarter as we focused on executing our fundamentals with excellence during the peak concert season," said CEO MICHAEL RAPINO.
TICKETMASTER reported a quarterly profit of $13.1 million, or 22 cents a share, up from $9.6 million, or 17 cents a share, a year earlier. Revenue rose 2.7% to $348.5 million.
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