Overcharging Doesn't Pay: Ticketmaster Lose A Billion Dollars
03/20/2009
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(Billboard) Ticketmaster Entertainment, which in February announced plans to merge with Live Nation, has reported a net loss of $1.07 billion for the fourth quarter ended Dec. 31, 2008. The loss is a result from the ticketing company taking an impairment charge to account for its falling share price since spinning off from IAC/InterActiveCorp last August. The $1.1 billion goodwill write-down reflected the decline in the company's stock price, which debuted at $20 when it spun off from IAC/InterActiveCorp. Ticketmaster Entertainment shares closed today (March 19) down 3 cents at $4.09 before the earnings were announced. Free cash flow increased to $49 million from negative $15 million in the same period a year ago. - more on this story
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