LOS ANGELES (CelebrityAccess MediaWire) — Ticketing behometh Ticketmaster has announced that it will lay off approximately 300 employees, approximately 5% of its global workforce.
The cutbacks were part of a previously-announced strategy to slash expenses by about $35 million as the company works to integrate itself with recent acquisitions such as Ticketsnow and ticketing technology firm Paciolan, the Los Angeles Times reported.
Earlier this year, Ticketmaster was spun off from their parent corporation, Robert Sillerman's CKX, after being saddled with a considerable share of CKX's liabilities.
Ticketmaster has been on the defensive after one of its major clients, Live Nation, announced that the were ending their ticketing deal with Ticketmaster and striking out on their own with the help of European ticketing comapny CTS Eventim.
Ticketmaster was unavailable for comment. – CelebrityAccess Staff Writers