LN Settles TM Suit, Cuts Profit Forcast

Live Nation Entertainment has cut its annual profit forecast by 7 percent after agreeing to settle a class action lawsuit against its Ticketmaster division.

The company, which merged with Ticketmaster last year, said Wednesday that its adjusted operating income will be about $362 million for the year through December, down from the $389 million it had earlier estimated.

The charges include $22.3 million to settle the class-action suit against Ticketmaster over ticket-delivery and order-processing fees for online customers and $4.9 million for restructuring its North American concert business.

The company said the new forecast also includes a $6 million negative impact from foreign exchange movements.