WEST HOLLYWOOD, CA (CelebrityAccess MediaWire) — Ticketmaster Entertainment, Inc. (Ticketmaster), announced on November 10, financial results for its third quarter ended September 30, 2008. Revenues were $339.2 million, 16% higher than prior year because of strategic acquisitions and an increase in revenue per ticket. EBITDA was $57.3 million, 16% lower than prior year, due to royalty expense, severance charges, and public company costs in the quarter. These results do not include Front Line Management Group, Inc., except as recorded with respect to a minority stake held prior to its recent acquisition of the controlling interest.
"While we are pleased to report solid revenue growth for the quarter and year to date, the global macro-economic environment is certainly challenging and its impact on live entertainment in the near-term difficult to predict," said Sean Moriarty, chief executive officer of Ticketmaster and president of Ticketmaster Entertainment. "Uncertain economic conditions have further reinforced our focus on driving improved efficiencies and profitability through our platforms and businesses around the world, and we have made substantial progress in realizing reduced operating costs going into the final quarter of 2008. At the same time, we continue to make great strides in our competitive positioning: we've extended our consumer reach through online distribution partnerships with companies, such as Yahoo! and Eventful; we are bringing our events to the mobile consumer through our partnership with RIM; and our technology team continues to deliver great new solutions such as Paperless Ticket(TM) to our fans and clients. We expect our recent acquisition of Front Line Management Group to accelerate the development of the artist to fan experience that Ticketmaster Entertainment is uniquely positioned to deliver."
–by CelebrityAccess Staff Writers