By Alfred Branch, Jr.

Ticket seller and concert promoter Live Nation (NYSE: LYV) ranked as the 557th largest company in the U.S. in 2006, the first year it made the list, on “Fortune” magazine’s annual record of the nation’s top 1,000 corporations. Live Nation was part of Clear Channel Communications in 2005, but was spun off in 2006 making it eligible for the list. Though not ranked individually, Ticketmaster’s parent company IAC was the 354th largest U.S. company in 2006.

Live Nation generated revenues of $3.92 billion for the year, according to Fortune. The company didn’t record any profits, losing $31.4 million in 2006, and it has $2.23 billion in assets. It carries a market worth of $1.52 billion as of late March, and shares of the company’s stock currently are trading in the $21 range. At press time, Live Nation hadn’t returned a message seeking comment….

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The Beverly Hills, CA-based company is the third-largest primary ticket seller behind Ticketmaster and, according to the latest exclusive ranking by Of the top 10 entertainment companies on the Fortune list, Live Nation was number seven, one behind its former parent company Clear Channel Communications (revenues of $7.1 billion) and ahead of Warner Music Group ($3.52 billion). Time Warner was the nation’s largest entertainment company, at 48th, with revenues of $44.79 billion.

EBay, which owns StubHub!, was the 383rd largest company in the U.S. in 2006, with revenues of $5.97 billion., which is owned by Major League Baseball, did not make the list and neither did parent MLB, despite revenues of $5.2 billion. Among the criteria Fortune uses for its ranking is that it lists public and private companies that file 10-Ks with the Securities and Exchange Commission.