Concert and ticketing giant Live Nation Entertainment Inc. on Wednesday cut its annual profit forecast by 7 percent after agreeing to settle a class-action lawsuit against its Ticketmaster division over online fees charged to customers.
The company, which merged with Ticketmaster last year, said in a securities filing 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 a 2003 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. Live Nation did not acknowledge wrongdoing in the lawsuit.
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