Ticketmaster Cuts

Ticketmaster is reportedly preparing to cut 5 percent of its global workforce in a cost-reduction plan.

The firings would eliminate roughly 300 positions from TM’s 6,000 employees, according to the Los Angeles Times, in tune with an August announcement that the company was planning to reduce operating expenses by nearly $35 million.

Ticketmaster faces increasing competition in the near future as its largest client, Live Nation, gears up to launch its own ticketing company next year.

Live Nation subsidiary House of Blues will also jump ship from TM in 2009, as will venue operator SMG, which signed a five-year ticketing deal with LN last month.