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 business, driven by significant artist clout with producers and promoters, especially in the U.S.; High lease-adjusted leverage; Earnings sensitivity to timing of global tours, seasonal fluctuations, attendance trends, and consumer and corporate discretionary spending and tastes; High-growth capital expenditures; and Uncertainty whether the company can profitably duplicate Ticketmaster function in-house. The ratings on Beverly Hills, Calif.-based Live Nation Inc. reflect the company's high debt leverage, low EBITDA margins, negative discretionary cash flow, and volatile operating performance. Profitability is subject to the success
