WEST HOLLYWOOD, Calif., Sept. 11, 2008 (GLOBE NEWSWIRE) -- The following statement is Ticketmaster's (Nasdaq:TKTM) official response to an announcement made today by Live Nation and SMG and can be attributed to Sean Moriarty, Ticketmaster CEO and president:
"Every fan of live entertainment is well familiar with theatrics. The SMG/LiveNation 'news' release regarding ticketing is just that - theatrics. As often is the case, theatre can be entertaining, but it does not completely reflect reality.
So for the record, here is reality:
1. The announcement will have no short term impact on our business.
Why? Because last week SMG signed an extension to our global
master agreements with them through the end of 2010, and
ratified multi-year contract extensions to half of the buildings
they manage and we ticket today. In other words, less than 250
thousand tickets (of the 141 million we sold in 2007) are at
possible risk with SMG in 2009; and SMG has exclusive
contractual obligations to Ticketmaster through December 31,
2010 covering approximately 70 percent of the tickets we sell in
SMG venues today.
2. We expect that the announcement will have little medium term
impact, and we will do our best to ensure it has minimal long
term impact as well. Why? Because SMG does not own the venues
they manage. SMG has a responsibility to make recommendations
in accordance with the best interests of the municipalities that
they represent. They mostly choose partners based on either a
formal "request for proposal" process or otherwise in a
competitive bidding process. Regardless of this announcement,
we will continue to bid and expect to win on the merits.
3. Similar to our need to constantly prove our value and re-sign
expiring venue contracts in a competitive marketplace, SMG must
compete for venue management contracts against AEG, Global
Spectrum, VenueWorks and others. If SMG makes decisions which
no longer reflect the best interests of their clients, the
results will be obvious - and causes us to consider whether we
should enter the venue management business as well."
About Ticketmaster
As the world's leading live entertainment ticketing and marketing company, Ticketmaster connects the world to live entertainment. Ticketmaster operates in 20 global markets, providing ticket sales, ticket resale services, marketing and distribution through www.ticketmaster.com, one of the largest e-commerce sites on the Internet; approximately 6,700 retail outlets; and 21 worldwide call centers. Established in 1976, Ticketmaster serves more than 10,000 clients worldwide across multiple event categories, providing exclusive ticketing services for leading arenas, stadiums, professional sports franchises and leagues, college sports teams, performing arts venues, museums, and theaters. In 2007, the company sold more than 141 million tickets valued at over $8.3 billion on behalf of its clients. Ticketmaster is headquartered in West Hollywood, California (Nasdaq:TKTM).
Safe Harbor Statement
This news release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements relating to Ticketmaster anticipated financial performance, business prospects, new developments and similar matters, and/or statements that use words such as "anticipates," "estimates," "expects," "intends," "plans," "believes" and similar expressions. These forward-looking statements are based on management's current expectations and assumptions, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including, among others: Ticketmaster's ability to operate effectively as a public company following its spin-off from IAC; changes in economic conditions generally or in the live entertainment industry; the ability of Ticketmaster to retain existing and obtain new clients; Ticketmaster's ability to maintain Ticketmaster's brand recognition and attract and retain customers in a cost-effective manner; integration of historical and future acquisitions; the ability of Ticketmaster to expand successfully in international markets; changing customer requirements and industry standards; and regulatory changes. Certain of these and other risks and uncertainties are discussed in Ticketmaster filings with the Securities and Exchange Commission, including in its Post-Effective Amendment No. 1 to Form S-1 filed with the Securities and Exchange Commission on August 20, 2008. Other unknown or unpredictable factors also could have a material adverse effect on Ticketmaster's business, financial condition and results of operations. In light of these risks and uncertainties, these forward-looking statements may not occur. Accordingly, you should not place undue reliance on these forward-looking statements, which only reflect the views of Ticketmaster management as of the date of this news release. Ticketmaster does not undertake to update these forward-looking statements.