The International court of Arbitration of the International Chamber of Commerce ruled that Live Nation did validly terminate its licensing agreement with CTS in June 2010 and has no liability. CTS had sought unspecified damages, claiming that Live Nation must pay a fee to CTS whether or not Live Nation chose to use the CTS ticketing platform.
Live Nation countered that CTS had breached its agreement by failing to provide ticketing platforms that met standards required in North American and European markets.
In its most recent Form 10-Q filing, Live Nation indicated that if CTS prevailed in the case, resulting damages “could be substantial.” That concern is now off the table.
Shares resumed trading about 17 minutes after they were halted and are now up by nearly 8%, at $14.91, which is above the 52-week range of $8.16 to $14.65.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
