HITS Daily Double

LNE first earnings report

TWO FOR THE ROAD: In Live Nation and Ticketmaster’s first combined earnings report since the companies got the green light to merge back in January, the colossus now known as Live Nation Entertainment said worldwide revenues dropped 4.7% to $854.3 million, but operating losses lessened dramatically to $64.4 million from $323.4 million year over year. It was, of course, a brutal year for the concert biz in North America, where revenues were down $171.6 million, but the bottom line was helped by relatively stronger attendance ex-U.S. On the Ticketmaster side, revenues were actually up 7% to $408.8 million, with operating profits at $34.6 million, compared to a loss of $1.07 billion during the previous year’s Q4. During the conference call, Michael Rapino said the combined company would focus “on eliminating redundancies and capturing at least $40 million in synergies this year." (2/26a)