After just a few weeks in the chair as head of Ticketmaster, uber-manager Irving Azoff has sent the share price for rival Live Nation tumbling to its lowest point in the last 12 months but doesn’t appear to be having an opposite effect on the Ticketmaster price.
Live Nation Inc sank to $5.46 today, down around 70% on its 12 month high.The touring company was downgraded by two analysts this week citing Azoff’s move to Ticketmaster as a catalyst for the mark-down.
Natixis Bleichroeder’s Alan Gould stated "Ticketmaster, with the acquisition of the majority of Irving Azoff's Front Line Management, will now have a relationship with artists in addition to its relationships with fans. This should make it more difficult for Live Nation to gain market share in the ticketing business."
Live Nation shares started the week above $9 and in September were still above $15.
Ticketmaster is suffering an even worse share-slide. It ended the day at $5.36 off a 12-month high of $27.00. It has been as low as $5.36 this week, more than 80% off the 12-month high.
Despite the share-price drop, Ticketmaster reported at 16% increase for the three months ended September 2008, compared to the same period last year.
