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Earlier this month, CEO Michael Rapino told investors that the company was “within striking distance” of meeting its reduced annual profit forecast this year, but that many artists had postponed tours until next year given shaky consumer confidence and poor ticket sales.

Live Nation, the world’s largest concert promoter, and Ticketmaster, the dominant ticket-seller in the U.S., merged in January, partly to avoid butting heads in trying to secure ticketing contracts from third parties.

Live Nation had been Ticketmaster’s largest customer, accounting for some 15 percent of its revenue, but it decided to break off and began selling tickets to its own concerts in January 2009. Shortly after, the companies announced they were merging.

Diller, 68, a billionaire media executive, told investors in February 2009 that he had been “trying and mostly consistently failing to put these companies together for many years now” and that together they would be financially stronger by creating a greater connection between artists, performers, athletes and fans.


AP Technology Writer Rachel Metz contributed to this report from San Francisco.