Live Nation Posts $163 Million Loss in 2012
The company took a $62.7 million impairment charge related to its Artist Nation management business and another $5.5 million charge over Irving Azoff's exit.
Live Nation Entertainment on Tuesday reported a $163 million loss for 2012 after a $62.7 million impairment charge in the fourth quarter related to its Artist Nation management business.
The world's largest ticket retailer and concert promoter did not break out fourth-quarter net income or loss, but said revenue grew 21 percent to $1.44 billion in the fourth quarter, with its largest segment, "concerts," also posting the biggest growth, up 32 percent to $916 million.
A spokeswoman said the company lost $159.7 million in the fourth quarter, or 85 cents per share.
Live Nation also said it took a charge of $5.5 million in the fourth quarter related to Irving Azoff, who resigned as chairman in December.
When Azoff left, he took a dozen artists he managed with him, including the Eagles and Christina Aguilera.
Live Nation said Tuesday that its $62.7 million charge was "related to certain client/vendor relationship intangibles in the management business based on current expectations related to future cash flows of this business."
Shares of Live Nation were down 2 percent on Tuesday to $10.12 and dropped another 1 percent after the closing bell.