DGAP-News: PRESS RELEASE: CTS EVENTIM rejects termination of contract by Live Nation
(firmenpresse) - CTS Eventim AG / Miscellaneous
13.07.2010 19:43
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PRESS RELEASE
CTS EVENTIM rejects termination of contract by Live Nation
Partnership agreement duly fulfilled by CTS / Grounds for termination
merely a pretext / Additional damages claims in order of millions
Munich, 13 July 2010. CTS EVENTIM AG, listed on the SDAX exchange (ISIN
DE0005470306), has rejected as a 'tactical litigational manoeuvre devoid of
any material or legal foundation' the notice of termination issued by Live
Nation in respect of the partnership agreement concluded in December 2007
and has announced that it will be claiming additional damages ranging in
the millions.
Under the agreement, Live Nation received a ten-year software and
technology licence from Eventim to operate a ticketing system in North
America. In return, it committed to have its ticket distribution in
mainland Europe and the United Kingdom handled by Eventim. On the basis of
the licence, Live Nation has been operating its own ticketing platform in
the U.S.A. since the beginning of 2009, and with considerable success.
Millions of tickets have since been sold via the platform. Eventim, in the
meantime, has used the partnership to enter the Dutch, Swedish, Hungarian,
Czech and UK markets.
In a surprise move announced in February 2009, Live Nation entered into a
merger with Ticketmaster. After the merger received approval in the U.S.A.
in February 2010 and also from the British anti-trust authorities in May
2010, Live Nation alleged various breaches of contract by Eventim and
threatened to terminate the agreement. Eventim has strictly rejected these
accusations at all times and announced that it will claim substantial
damages in the event of termination. Live Nation has nevertheless recently
given notice that it is terminating the agreement on the grounds of alleged
breaches.
The Management Board of CTS Eventim AG considers this move to be a
'predictable dodge' that must be seen in the context of the arbitration
action against Live Nation that was lodged by Eventim at the International
Chamber of Commerce (ICC) on 5 April 2010. In the arbitration action,
Eventim is suing Live Nation for various breaches of contract, demanding
that Live Nation fulfil the terms of agreement and that it pay damages.
'Since the claims asserted at the ICC are based on the agreement, Live
Nation is obviously endeavouring to influence the point of departure for
proceedings by formally terminating that agreement. We will respond by
claiming additional substantial damages due to unwarranted termination',
announced the Eventim Management Board in a statement.
About CTS EVENTIM
CTS EVENTIM AG, listed in the SDAX index (ISIN DE 0005470306), is Europe's
market leader in the ticketing field and one of the leading providers of
Live Entertainment. More than 80 million tickets for well over 100,000
events are sold annually using systems developed and marketed by the
EVENTIM Group. In addition to more than 8,000 stationary box offices
throughout Europe, sales via the Internet and especially via the
www.eventim.de and www.getgo.de portals are gaining increasing importance.
For further information contact:
Engel&Zimmermann AG, Business Communication Agency
Hermann Zimmermann, Dr. Alexander Baer Tel. +49 89 8935-633
info(at)engel-zimmermann.de
13.07.2010 19:43 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: CTS Eventim AG
Dingolfinger Str. 6
81673 München
Deutschland
Phone: 0421/ 3666-233
Fax: 0421/ 3666-290
E-mail: claudia.aderhold(at)eventim.de
Internet: www.eventim.de
ISIN: DE0005470306
WKN: 547030
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hannover, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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Datum: 13.07.2010 - 19:43 Uhr
Sprache: Deutsch
News-ID 23851
Anzahl Zeichen: 0
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Kategorie:
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