The company's strong competitive position in the live entertainment industry and its leading market share in event ticketing, with multiyear contracts; Its growing EBITDA contribution from high-margin sponsorship and advertising with traditional and digital/mobile opportunities, and its improved on-site revenue generation; The live entertainment industry's artist-driven nature and high sensitivity to shifting public tastes, global tour schedules, and discretionary consumer spending; and The company's lower EBITDA margins due to high artist guarantees despite slight improvement in concerts margins. Our expectation that it will maintain adjusted leverage in the mid-4x area over the next 12 months; and Its significant capital expenditures and working capital requirements. S&P Global Ratings' stable outlook on Live Nation Entertainment Inc. reflects our expectation that the company
