Like its potential merger partner Live Nation earlier this month, Ticketmaster Entertainment reported a large loss, totaling just over $1 billion, for the quarter...

Like its potential merger partner Live Nation earlier this month, Ticketmaster Entertainment reported a large loss, totaling just over $1 billion, for the quarter ended December 31, 2008, due a drop in ticket sales, cost cutting measures and a goodwill charge because of its declining stock price.

The company’s revenues for the quarter still managed to rise to more than 9 percent to $384 million, and total 2008 revenues were up more than 17 percent to $1.45 billion because of the company’s acquisitions last year and an increase in ticket prices.

TicketsNow and Paciolan, two of Ticketmaster’s acquisitions in 2008, contributed a combined $38.1 million in the quarter, but the overall number of ticket sold was down about 9 percent to 35.1 million compared to the same period the year before. For the year, the number of ticket sold was flat at just under 142 million compared to 2007.

During a conference call with financial analysts, Ticketmaster Chairman Barry Diller lamented that the company has been made “the poster child for the entire industry” and its current ills, but that many of the misconceptions about the ticketing industry are not the fault of Ticketmaster. He reiterated that problems with TicketsNow and the secondary market were “mistakes of omission, not commission,” and that what the company has tried to do is move technology forward and give fans a wide “array of transparent options” for tickets.



“The better we sell tickets, the more unpopular we become,” Diller said.

Since being spun off from IAC/InterActiveCorp late in the summer of 2008, Ticketmaster (symbol: TKTM) saw its stock price drop precipitously from a high of $27 per share to the single digits by the end of the year, a few weeks before the announcement of the proposed merger with Live Nation. Net earnings for the quarter were only 16 cents per share, while analysts had expected earnings to be almost double at 29 cents per share.

That, and the loss for the quarter, overshadowed any bright spots for the company, and may help to bolster its argument that it needs to merge with Live Nation, in part because while the company would not offer guidance for 2009, it believes the current economic conditions could make matters worse.

The two companies have said they hope to realize at least $40 million in cost savings by merging.

Ticketmaster CEO Irving Azoff, who has been publicly critical of the secondary market in recent weeks, said the company next month at a shareholders meeting may take up the issue of whether to sell TicketsNow. “It’s a very volatile area,” he said of the secondary market.

More TicketMaster/LiveNation merger news

Ticketmaster/Live Nation merger: Live Nation explains its $6 parking fee 03/18/2009
Ticketmaster/Live Nation merger: Trent Reznor of Nine Inch Nails blasts the deal and the secondary market 03/16/2009
Ticketmaster/Live Nation merger: Further proof of artists reselling own tickets 03/12/2009
Ticketmaster/Live Nation merger: Canadian officials look at TicketsNow 03/09/2009
Ticketmaster/Live Nation merger: NATB schedules meeting about the deal 03/04/2009
Ticketmaster/Live Nation merger: Live Nation reports 4Q loss 03/03/2009
Ticketmaster/Live Nation merger: Canadian AG investigates Ticketmaster 03/02/2009
Ticketmaster/Live Nation merger: National Association of Ticket Brokers irate 02/27/2009
Ticketmaster/Live Nation merger: Azoff would consider selling TicketsNow 02/26/2009
Ticketmaster/Live Nation merger: Azoff, Rapino and new speakers for House hearing 02/25/2009
Ticketmaster/Live Nation merger: Trouble with Leonard Cohen tickets on TicketsNow, and a third class action lawsuit 02/25/2009
Ticketmaster/Live Nation merger: Companies grilled by skeptical Senators 02/24/2009
Ticketmaster/Live Nation merger: Senate hearing to be webcast 02/24/2009
Ticketmaster/Live Nation merger: New Jersey AG settles investigation with Ticketmaster over Bruce Springsteen tickets 02/23/2009
Ticketmaster/Live Nation merger: Shareholder lawsuit details deal’s undervaluation 02/20/2009
Ticketmaster/Live Nation merger: Azoff, Rapino to testify at Senate hearing 02/20/2009
Ticketmaster/Live Nation merger: Dates set for congressional hearings 02/18/2009
Ticketmaster/Live Nation merger: Ticketmaster shareholders sue to block the proposed deal 02/17/2009
Ticketmaster/Live Nation merger: Law firm launches investigation into TicketsNow 02/16/2009
Ticketmaster/Live Nation merger: Live Nation expects strong 4th Quarter 02/13/2009
Ticketmaster/Live Nation merger: major shareholder may oppose the deal 02/13/2009
Ticketmaster faces second class action lawsuit in Canada 02/12/2009
Ticketmaster/Live Nation merger: stocks take a beating 02/12/2009
Visa fires back at Ticketmaster for ‘glitch’ statement 02/11/2009
U.S. Justice Department launches review of Live Nation, Ticketmaster merger 02/11/2009
LiveStub CEO Michael Hershfield discusses the Live Nation/Ticketmaster merger 02/11/2009
Ticketmaster and Live Nation claim now was the best time to merge 02/10/2009
Live Nation and Ticketmaster Entertainment agree to unprecedented merger 02/10/2009
Ticketmaster, Live Nation merger expected within a day 02/09/2009
Ticketmaster, TicketsNow face $500 million class action suit in Canada 02/09/2009
Connecticut AG wants review of proposed Ticketmaster, Live Nation merger 02/06/2009
Opposition mounts against proposed merger of Ticketmaster and Live Nation 02/05/2009
Ticketmaster apologizes to Bruce Springsteen and his fans over ticket mix-up 02/05/2009
Bruce Springsteen rips Ticketmaster over tickets and proposed Live Nation merger 02/04/2009
TicketNetwork CEO Don Vaccaro speaks with Fox Business about Live Nation/Ticketmaster merger 02/04/2009
Live Nation and Ticketmaster Entertainment talk merger 02/04/2009