Live Nation Wins German Arbitration Case
Jun 12th 2013 2:56PM
Live music concert promoter Live Nation Entertainment Inc. (NYSE: LYV) today announced that it has prevailed in a dispute with Germany-based ticketing software firm CTS Eventim AG. Shares of Live Nation were halted briefly just prior to the announcement.
The International court of Arbitration of the International Chamber of Commerce ruled that Live Nation did validly terminate its licensing agreement with CTS in June 2010 and has no liability. CTS had sought unspecified damages, claiming that Live Nation must pay a fee to CTS whether or not Live Nation chose to use the CTS ticketing platform.
Live Nation countered that CTS had breached its agreement by failing to provide ticketing platforms that met standards required in North American and European markets.
In its most recent Form 10-Q filing, Live Nation indicated that if CTS prevailed in the case, resulting damages "could be substantial." That concern is now off the table.
Shares resumed trading about 17 minutes after they were halted and are now up by nearly 8%, at $14.91, which is above the 52-week range of $8.16 to $14.65.
Filed under: 24/7 Wall St. Wire, Entertainment, International Markets, Law Tagged: LYV