Live Nation CEO Rapino: company ‘within striking distance’ of meeting reduced annual forecast
By APThursday, September 16, 2010
Live Nation on track to meet reduced outlook
LOS ANGELES — Live Nation Entertainent Inc. Chief Executive Michael Rapino says the concert promoter and ticketing company is “within striking distance” of meeting a reduced annual profit forecast it released in July.
July and August concert ticket sales were good enough so that attendance at its North American amphitheaters this summer was down just 1 percent from a year ago. But Rapino said discounting will cut into revenue.
He said the company expects to meet its target for adjusted operating income of $405 million, which is down from $445 million last year. The reduced forecast comes despite its merger with Ticketmaster in January that created cost-savings and reduced competition.
Rapino spoke at a Merrill Lynch investor conference Thursday in Newport Beach, Calif.
