Luis V. Sanchez • 16 Comments
Fri, Oct. 28, 5:35 PM
- The day after it eked out a gain following an earnings miss, World Wrestling Entertainment (NYSE:WWE) gave up 5.8% today as analysts came in with downgrades.
- Shares had finished up 0.3% after opening to the downside yesterday. Today, Wells Fargo downgraded shares to Market Perform, from Outperform, and Pacific Crest downgraded to Sector Weight from Overweight and pulled its price target. Deutsche Bank, meanwhile, downgraded to Sell.
- The question of M&A came up (spurred, as it usually is recently, by AT&T/Time Warner) on the company's earnings call, put by BTIG's Brandon Ross. "Again, we're open to anything," says CEO Vince McMahon, "so it's not a question of if the right deal came along, it's one of those things where you do, to do any good reviews, we're listening."
- "The old 'content is king' is true, maybe truer today than it's ever been. So we're open for business," he said.
- FBN's Robert Routh has a few ideas ("admittedly only pure speculation") about strategic options: "Given the existing partnership with NBCUniversal it seems Comcast (NASDAQ:CMCSA) could be a logical fit for WWE, as could MSG (NYSE:MSGN) or possibly even Live Nation (NYSE:LYV)."
Apr. 28, 2015, 5:11 PM
- Live Nation (NYSE:LYV) says it's gained control of Tennessee's Bonnaroo Music and Arts Festival, a four-day fest in June that attracts about 90,000 attendees.
- The move gives Live Nation control of four of the country's top festivals, combining Bonnaroo with the Austin City Limits Festival, Lollapalooza and Electric Daisy Carnival. The company reportedly paid about $125M in October for 51% of C3 Presents, which puts on ACL Fest and Lollapalooza.
- The company also takes ownership of a share of the festival property. Founding partners Superfly and AC Entertainment will continue day-to-day operations.
Mar. 11, 2015, 10:56 PM
- "Using Live Nation (NYSE:LYV) to differentiate Sirius (NASDAQ:SIRI) and using Sirius to promote Live Nation is very logical," says Liberty Media (NASDAQ:LMCA) CEO Greg Maffei of the two entertainment companies in which his firm is a major shareholder: 57% of SIRI, 27% of LYV. "But I remain somewhat disappointed that more things haven't happened there." Maffei was speaking to the Deutsche Bank conference.
- Macquarie's Amy Yong agrees: It's not that the satellite radio and concert promotion companies need a merger (which would be complicated by the ownership), but: "If both worked more closely, they can help each other cross promote or market their products/services," she says.
- There may be opportunities for Sirius to broadcast LYV concerts, and for LYV to promote Sirius among its heavy people traffic, but as for tie-ups: "We are the consolidators," says Live Nation's chief Michael Rapino, preferring to focus on his acquisitions. "Geographically, if there was a ticketing company in the right market that we thought could accel our operation versus building, we'd look."
Oct. 7, 2014, 12:40 AM
- The concert and ticketing giant (NYSE:LYV) is reportedly in "advanced talks" to buy a 51% stake in C3, No.1 independent U.S. promoter, for approx. $250M.
- Last year, C3 sold over 2M tickets and grossed at least $124M. Its earnings are thought to be $20M/year.
- An acquisition would let LYV expand its extensive festival portfolio (C3 operates Lollapalooza and Austin City Limits among other festivals).
- It's unclear whether LYV would want to hold on to C3's ticketing service (Front Gate Tickets). LYV owns Ticketmaster.
- C3 already books concerts for LYV's House of Blues chain, and Charlie Walker, one of C3's three owners (all named Charles or Charlie, hence the nickname "The Charlies") is a formal LYV executive.
- Sources: NYT, Billboard
Sep. 19, 2012, 3:42 AM
Anschutz says it intends to sell its AEG sports-and-entertainment unit in a deal that could reportedly be worth several billion dollars. AEG's assets include a 30% stake in the LA Lakers, sports teams, stadiums and music festivals, as well as the world's second-largest concert promoter. Potential buyers could include News Corp. (NWS) and Liberty Media (LMCA), which owns 21% of AEG ticket rival Live Nation (LYV).| Sep. 19, 2012, 3:42 AM
May 9, 2012, 8:41 AM
Live Nation Entertainment (LYV) acquires Cream Holdings for an undisclosed amount in a deal that will give the company the rights to the Creamfields Music Festivals.| May 9, 2012, 8:41 AM
Dec. 15, 2011, 2:54 AM
Jun. 10, 2011, 7:47 AM
Apr. 14, 2011, 7:58 AM