Strong competitive position in the live entertainment industry. Leading market share in ticketing, with multiyear contracts. Ability to leverage artist relationships to generate ancillary revenue streams. Moderate debt leverage. Operating performance sensitivity to timing of global concert tours, seasonality, weather, and consumer and corporate discretionary spending and tastes. Low EBITDA margin of the concert promotion business, driven by significant artist clout. Increased competition at Ticketmaster. Uncertainty regarding the timing and ultimate resolution of the dispute with CTS Eventim, Live Nation's former ticketing partner. The 'B+' corporate credit rating on Beverly Hills, Ca.-based Live Nation Entertainment Inc. reflects Standard&Poor's Ratings Services' expectation of only a modest recovery in the concert business in 2011 versus 2010's still-recessionary state. We have
