WEST HOLLYWOOD, Calif., April 2, 2009 (GLOBE NEWSWIRE) -- Ticketmaster Entertainment, Inc. ("Ticketmaster") (Nasdaq:TKTM) announced today that it received a letter from The NASDAQ Stock Market notifying the company that it no longer complies with NASDAQ's audit committee requirements as set forth in Marketplace Rule 4350(d)(2), which requires Ticketmaster to have an audit committee composed of at least three "independent directors" (as defined in NASDAQ Marketplace Rule 4200(a)(15)). Following the resignation of Julius Genachowski from Ticketmaster's Board of Directors on March 12, 2009, Ticketmaster was left with only two independent directors serving on its audit committee.
NASDAQ Marketplace Rule 4350(d)(4) provides a cure period for Ticketmaster to regain compliance with NASDAQ's audit committee composition requirements. This cure period will run through the earlier of Ticketmaster's next annual meeting of shareholders or March 12, 2010, or, if Ticketmaster's next annual meeting of shareholders is held before September 8, 2009, through September 8, 2009.
During the cure period, Ticketmaster common stock will continue to trade on NASDAQ, subject to Ticketmaster 's continued compliance with other NASDAQ listing requirements. Ticketmaster is currently addressing the need for a third audit committee member and expects to regain compliance with NASDAQ's audit committee composition requirements within the cure period.
About Ticketmaster Entertainment, Inc.
Ticketmaster Entertainment consists of Ticketmaster and Front Line Management Group. 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 7,100 retail outlets; and 17 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 2008, the Company sold more than 141 million tickets valued at over $8.9 billion on behalf of its clients. Ticketmaster Entertainment acquired a controlling interest in Front Line Management Group in October 2008. Founded by Irving Azoff and Howard Kaufman in 2004, Front Line Management Group is the world's leading artist management company. Ticketmaster Entertainment, Inc. is headquartered in West Hollywood, California (Nasdaq:TKTM).