Live Nation Cuts Profit Forecast

Live Nation Cuts Profit Forecast

Live Nation Cuts Profit Forecast
Live Nation Entertainment
has cut its original 2011 profit forecast of $389 million by 7 percent to $362 million after announcing the settlement of a class action lawsuit over fees charged by its subsidiary, Ticketmaster. The lawsuit was filed in Los Angeles Superior Court in 2003 by two plaintiffs, who accused Ticketmaster of misleading customers regarding delivery fee charges. Live Nation agreed to settle the lawsuit in December, allocating $22.3 in legal fees and refunds to affected customers. The company's reduced forecast also includes an additional $4.9 million to restructure its North American concert business. (1/27)

Maroon 5, Urban Slated For Super Bowl
GRAMMY winners Maroon 5 and Keith Urban and the GRAMMY-nominated Blue Man Group are scheduled to perform during pregame festivities at Super Bowl XLV on Feb. 6 at Cowboys Stadium in Arlington, Texas. Previously announced Super Bowl performers include Christina Aguilera and the Black Eyed Peas. (1/27)

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