LOS ANGELES (AP) — Concert promotion giant Live Nation Entertainment Inc. said Thursday that ticket sales for the Top 100 bands are down 12 percent in the first half of the year, and sales will likely fall further in the second half. Shares of the company plunged.
Shares dropped $1.84, or 16 percent, to $9.59 in afternoon trading Thursday. That's the lowest point since before Jan. 25, the day it announced it had consummated its merger with Ticketmaster Entertainment following approval by the U.S. Justice Department.
Chief Executive Michael Rapino told investors in New York that the weak economy has taken its toll on the concert industry.
But even he appeared surprised at the massive sell-off his presentation had caused.
"We had a real buzz kill at about Slide 9 when I saw the e-mails go out," he said.
Executive Chairman Irving Azoff, who presented via video conference, chided investors for the sell-off.
"I'm hoping that what I'm seeing as all you guys e-mail back to your offices to dump the stock isn't indicative of the fact that we have a group of investors that are so shortsighted," Irving said.
The company said a further 15 percent drop in concert ticket sales for the Top 100 tours could occur in the second half.
Adjusted operating income for 2010 is expected at $405 million, down from $445 million last year, despite the benefits of its merger this year with Ticketmaster.
A rash of cancellations from bands has also hurt sales. U2's postponement of its tour until next year will cost the company $6 million this year.
Copyright 2010 The Associated Press.
Vacationing homeowners were hit by thieves in Mira Mesa, but thanks to a smartphone app, the crooks did not get away with it.
Signs warning people to stay out of the water are once again posted in Imperial Beach after a new spill from Mexico dumped hundreds of thousands of gallons of sewage into the Tijuana River - polluting the South Bay.
Two defense contractors were sentenced to prison Friday for conspiring to steal more than $3 million worth of medical equipment from Camp Pendleton that the military had planned to ship overseas to treat injured Marines.
It was all the buzz then, and four decades later people are still crazy over Star Wars. The original film opened 40-years ago this weekend and it was an instant sensation. News 8's Eric Kahnert went into our own archives to take us back to that day in history.
News 8's new mother Shannon Handy was walking with her mommy group Friday morning at Torrey Pines when an unexpected baby joined the group. Take a look!
Some people tell their kids to go for the gold. On Friday in Carlsbad, that's just what students did at La Costa Meadows Elementary.
The remains of a U.S. Navy pilot killed when his plane was shot down during the Vietnam War have been brought to San Diego for burial.
A 14-year-old Steele Canyon High School student was arrested for allegedly sending a threatening message to another student at the Spring Valley-area campus via Snapchat.