Ticketmaster slashing work force
Company reducing $35 mil in expensesTicketmaster will cut about 300 jobs as part of a cost-cutting plan announced in August. Those cuts account for about 5% of the ticket company’s global work force, a Ticketmaster spokesperson said.
Ticketmaster’s estimated $35 million reduction in operating expenses is part of the company’s 2008 acquisitions of ticketing companies TicketsNow and Paciolan. Many of the layoffs are a result of in-house restructuring caused by the acquisitions, and are not related to the fact that Ticketmaster’s ticketing deal with Live Nation expires at the end of this year, the spokesperson said.
Live Nation will launch a full-service ticketing company in January. The live entertainment company represented about 18% of Ticketmaster’s combined revenue for the three months ending June 30, according to an SEC filing in September. In August, Ticketmaster spun off from parent company IAC. The ticketing company now operates as a free-standing, publicly traded company.