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Ticketmaster Embraces ServiCaixa

LOS ANGELES (AP) — Ticketmaster is buying Spanish ticketing company ServiCaixa from Spanish savings bank and financial services group la Caixa.

Terms were not disclosed Friday.

The deal combines Ticketmaster Spain, previously called TickTackTicket, and ServiCaixa, whose legal name is Serviticket SA.

Ticketmaster will enter a multi-year marketing and ticket distribution partnership with la Caixa that allows it to offer tickets through the bank's 8,100 automated teller machines in Spain.

The acquisition is subject to Spanish antitrust approval.

Ticketmaster is a division of Live Nation Entertainment Inc., which announced last week that billionaire media mogul Barry Diller resigned from its board.

The company also cut its annual profit forecast last week by 7 percent after agreeing to settle a class-action lawsuit against Ticketmaster over online fees charged to customers.

Live Nation's stock dropped 13 cents to $10.30 in afternoon trading on Friday.