Live Nation Sees Ticketmaster Deal Closing In Q1

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% increase in revenue was driven by a 12% 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. EPS of 78 cents a share missed the Street estimate by two cents. The company noted that results reflect $7.8 million in expenses relating to the pending deal.


• Ticketmaster reported Q3 revenue of $348.5 million, up 3% year over year, and a bit above the Street at $344.8 million. Adjusted EPS of 29 cents a share beat the Street at 18 cents. Results include $4.1 million of expenses related to the acquisition.

In late trading, LYV is down 10 cents, or 1.4%, to $7.22. TKTM is down 11 cents, or 1%, to $10.61.