Ticketmaster Inc. plans to complete a spinoff from New York-based conglomerate IAC/InterActiveCorp by early August, the company's chief executive said Monday.
In a conference call with analysts, CEO Sean Moriarty said the West Hollywood-based ticket seller will likely have $750 million in debt and $450 million in cash after it becomes an independent company.
Ticketmaster, already the world's largest ticket seller, plans to double the number of countries where it operates to 40 over the next five years. Moriarty said that he saw substantial opportunities in expanding its international ticket sales offerings, as well as helping artists market themselves to a growing fan base that no longer listens to the radio.
Moriarty projected profit growth for the company in 2009 despite the end of its relationship with Beverly Hills-based concert promoter Live Nation Inc., which accounts for about 15 percent of revenues.
IAC is moving ahead with the spinoff after Chairman and Chief Executive Barry Diller reached an agreement with John Malone's Liberty Media Group, IAC's majority voting shareholder.
Malone had opposed the spinoff of Ticketmaster and three other IAC businesses because the dilutive effect it would have had on Liberty's voting stake. The two media moguls compromised in May after Liberty received an adverse ruling in a lawsuit it had brought to stop the spinoffs.
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