Live Nation Gets Nod of Approval From Investors March 03, 2010
- Touring
By Glenn Peoples, L.A.
Live Nation's stock is up 7.4% in the last five trading days, and rose 3.2% on Wednesday.
The Nasdaq has gained just 1.64% in the last five trading days, while the S&P 500 is up 0.9%. Investors reacted positively to news on Wednesday that Liberty Media's tender offer at $12 a share had been all but ignored by shareholders. Liberty will increase its holdings in Live Nation common stock to 14.5%, far from its goal of 34.99%.
Live Nation's stock rose after last week's earnings release, in which the company said it expects operating income to be flat in 2010. And it increased after its Ticketmaster division announced on Feb. 17 a settlement with the FTC over its use of its secondary ticketing site, TicketsNow.com.
Gone are the days when investors fretted about the huge multi-rights deals Live Nation had been signing with superstars like Madonna and Nickelback. Now, a merged Live Nation and Ticketmaster are concentrating on ticket sales, putting more people in venues and reducing the amount of consumer spending captured by ticket brokers. For the time being, it appears Wall Street approves.
Live Nation's share price ended at $13.44 at the end of trading on Wednesday.
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