The International Court of Arbitration ruled that Live Nation Entertainment justifiably terminated a contract with CTS Eventim three years ago.
Prior to Live Nation’s 2010 merger with Ticketmaster Entertainment, CTS was enlisted by the concert-promotion giant to create a ticketing system to compete with Ticketmaster. Effective January 2009, Live Nation was to license CTS’s software and pay a fee for every ticket sold in North America for the next ten years. However, in response to the complaint Live Nation said that CTS did not deliver a “world-class ticketing system,” according to a company filing.
This ruling removed a possible $210 million charge for Live Nation, based on an estimate of Stifel Nicolaus & Co.