Ticketmaster gets stubbed in first quarter

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If Ticketmaster gets called back to Capitol Hill to defend its controversial plans to merge with concert promoter Live Nation, it can just bring a copy of its first-quarter earnings to help make its case.

Net income fell almost 80% to $7.25 million from $32.7 million in the first quarter of 2008. The company said ticket sales were down in concerts, sports and family fare but not arts and theater. Revenue from ticket sales was down 3% from the previous year, and the number of tickets sold was off by 8% because of the expiration of Ticketmaster’s contract to oversee admissions for Live Nation events.

Ticketmaster Chief Executive Irving Azoff said the company was ‘executing well on its business strategy during a challenging economic environment.’

Ticketmaster’s proposed merger with Live Nation is expected to face a rocky road on the Hill. Music fans and politicians have expressed concern about the combination and what it could do to prices for tickets. Christine Varney, who is the Obama administration’s point person on antitrust issues, said during her confirmation hearings in March that the Justice Department would be much tougher on consolidation than the Bush administration was.

-- Joe Flint