Strong competitive position in the live entertainment industry; Significant geographic, venue, and format diversity; and Ability to leverage artist relationships to generate ancillary revenue streams, especially as touring becomes a larger percentage of artists' earnings. Low EBITDA margin nature of the business, driven by significant artist clout with producers and promoters, especially in the U.S.; High lease-adjusted leverage; Dependence on the timing of global tours, seasonal fluctuations, attendance trends, consumer and corporate discretionary spending and tastes; High maintenance capital expenditure requirements; and Uncertainty surrounding the company's contract resolution with Ticketmaster and whether it can duplicate this function in-house. The ratings on Live Nation Inc. reflect financial risk from a high lease-adjusted debt to EBITDA ratio; EBITDA levels subject to general
