HAMBURG (CelebrityAccess MediaWire) — CTS Eventim has rejected an attempt by Live Nation to enact an early termination of the agreement between the two companies and indicating that they intend to seek millions in damages from Live Nation.
According to Billboard, Live Nation had sought the early termination of the ten-year partnership deal, citing breach of contract but Eventim called the termination a "tactical maneuver without any factual and legal basis."
CTS also indicated their intent to pursue legal remedies against Live Nation over the apparent breach of contract.
Live Nation had originally pacted with CTS Eventim in 2007 to license Eventim's ticketing software for Live Nation's efforts at creating an in-house ticketing system and as a ticketing partner in the UK and Europe.
"CTS Eventim has strictly rejected these accusations at all times and announced that it will claim substantial damages in the event of termination. Live Nation has nevertheless recently given notice that it is terminating the agreement on the grounds of alleged breaches," said a statement released by Eventim.
Live Nation however, is claiming that CTS is already in breach of contract by failing to provide a ticketing system that met contractual standards.
Investors responded negatively to this possibly lengthy legal dispute and CTS Eventim stock closed the trading day down 8%. – CelebrityAccess Staff Writers
