Live Nation says it wins arbitration over CTSJune 12, 2013 @ 12:25 pm
LOS ANGELES (AP) - Concert promoter Live Nation Entertainment Inc. says it has won an arbitration ruling over CTS Eventim AG, a German ticket-selling technology provider that was seeking nearly $900 million in damages because Live Nation terminated its contract after merging with Ticketmaster in January 2010.
Live Nation shares jumped 8.4 percent to $15 in Wednesday afternoon trading.
Live Nation said that the International Court of Arbitration of the International Chamber of Commerce ruled that it had validly terminated the ticketing software license agreement with CTS in June 2010.
Live Nation argued CTS failed to provide ticketing platforms that met the standard of their deal.
Live Nation CEO Michael Rapino said the company was pleased but not surprised by the ruling. CTS did not immediately respond to a request for comment.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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