10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________ 

Form 10-K

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2017,

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                

Commission File Number 001-32601

____________________________________

LIVE NATION ENTERTAINMENT, INC.

(Exact name of registrant as specified in its charter)

Delaware	20-3247759
(State of Incorporation)	(I.R.S. Employer Identification No.)

9348 Civic Center Drive

Beverly Hills, CA 90210

(Address of principal executive offices, including zip code)

(310) 867-7000

(Registrant’s telephone number, including area code)

____________________________________ 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange on which Registered
Common Stock, $.01 Par Value per Share; Preferred Stock Purchase Rights	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

_____________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     x  Yes   ¨  No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    ¨  Yes   x  No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ¨  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x		Accelerated filer	¨
Non-accelerated filer	¨	(Do not check if a smaller reporting company)	Smaller reporting company	¨
			Emerging growth company	¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.				¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ¨  Yes    x  No

On June 30, 2017, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the Common Stock beneficially held by non-affiliates of the registrant was approximately $4.7 billion. (For purposes hereof, directors, executive officers and 10% or greater stockholders have been deemed affiliates).

On February 20, 2018, there were 208,168,826 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 1,479,947 shares of unvested restricted stock awards and excluding 408,024 shares held in treasury.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of our Definitive Proxy Statement for the 2018 Annual Meeting of Stockholders, expected to be filed within 120 days of our fiscal year end, are incorporated by reference into Part III.

LIVE NATION ENTERTAINMENT, INC.

INDEX TO FORM 10-K

		Page
PART I
ITEM 1.	BUSINESS	2
ITEM 1A.	RISK FACTORS	11
ITEM 1B.	UNRESOLVED STAFF COMMENTS	24
ITEM 2.	PROPERTIES	24
ITEM 3.	LEGAL PROCEEDINGS	24
PART II
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	25
ITEM 6.	SELECTED FINANCIAL DATA	26
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	26
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	48
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	49
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	89
ITEM 9A.	CONTROLS AND PROCEDURES	89
ITEM 9B.	OTHER INFORMATION	91
PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	91
ITEM 11.	EXECUTIVE COMPENSATION	91
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	91
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	91
ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES	91
PART IV
ITEM 15.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES	92
ITEM 16.	FORM 10-K SUMMARY	92

LIVE NATION ENTERTAINMENT, INC.

GLOSSARY OF KEY TERMS

AOCI	Accumulated other comprehensive income (loss)
AOI	Adjusted operating income (loss)
Company	Live Nation Entertainment, Inc. and subsidiaries
FASB	Financial Accounting Standards Board
GAAP	United States Generally Accepted Accounting Principles
Liberty Media	Liberty Media Corporation
Live Nation	Live Nation Entertainment, Inc. and subsidiaries
SEC	United States Securities and Exchange Commission
VIE	Variable interest entity
Ticketmaster	The ticketing business of the Company

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PART I

“Live Nation” (which may be referred to as the “Company,” “we,” “us” or “our”) means Live Nation Entertainment, Inc. and its subsidiaries, or one of our segments or subsidiaries, as the context requires.

Special Note About Forward-Looking Statements

Certain statements contained in this Form 10-K (or otherwise made by us or on our behalf from time to time in other reports, filings with the SEC, news releases, conferences, internet postings or otherwise) that are not statements of historical fact constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, notwithstanding that such statements are not specifically identified. Forward-looking statements include, but are not limited to, statements about our financial position, business strategy, competitive position, potential growth opportunities, potential operating performance improvements, the effects of competition, the effects of future legislation or regulations and plans and objectives of our management for future operations. We have based our forward-looking statements on our beliefs and assumptions considering the information available to us at the time the statements are made. Use of the words “may,” “should,” “continue,” “plan,” “potential,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “could,” “target,” “project,” “seek,” “predict,” or variations of such words and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, those set forth under Item 1A.—Risk Factors as well as other factors described herein or in our quarterly and other reports we file with the SEC (collectively, “cautionary statements”). Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described in any forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the applicable cautionary statements. We do not intend to update these forward-looking statements, except as required by applicable law.

ITEM 1.BUSINESS

Our Company

We believe that we are the largest live entertainment company in the world, connecting over580 million fans across all of our concerts and ticketing platforms in approximately 40 countries in 2017.

We believe we are the largest producer of live music concerts in the world, based on total fans that attend Live Nation events as compared to events of other promoters, connecting nearly 86 million fans to more than29,500 events for over 4,000 artists, in 2017. Live Nation owns, operates, has exclusive booking rights for or has an equity interest in 222 venues, including House of Blues ^® music venues and prestigious locations such as The Fillmore in San Francisco, the Hollywood Palladium, the Ziggo Dome in Amsterdam, 3Arena in Ireland, Royal Arena in Copenhagen and Spark Arena in New Zealand. We believe we are one of the world’s leading artist management companies based on the number of artists represented. Our artist management companies manage music artists and acts across all music genres. As of December 31, 2017, we had over 125 managers providing services to more than 500 artists.

We believe our global footprint is the world’s largest music advertising network for corporate brands and includes one of the world’s leading ecommerce websites, based on a comparison of gross sales of top internet retailers.

We believe we are the world’s leading live entertainment ticketing sales and marketing company, based on the number of tickets we sell. Ticketmaster provides ticket sales, ticket resale services and marketing and distribution globally through www.ticketmaster.com and www.livenation.com and our other websites, numerous retail outlets and call centers, selling nearly 500 million tickets in 2017 through our systems. Ticketmaster serves more than 12,000 clients worldwide across multiple event categories, providing ticketing services for leading arenas, stadiums, festival and concert promoters, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters.

Our principal executive offices are located at 9348 Civic Center Drive, Beverly Hills, California 90210 (telephone: 310-867-7000). Our principal website is www.livenationentertainment.com. Live Nation is listed on the New York Stock Exchange, trading under the symbol “LYV.”

Our Strategy

Our strategy is to grow our leadership position in live entertainment, to promote more shows, sell more tickets and sell more sponsorships and advertising, and thereby increase our revenue, earnings and cash flow. We serve artists, venues and teams to secure content and tickets; we invest in technology to build innovative products which advance our ticketing, advertising and mobile platforms; and we are paid by advertisers that want to connect their brands with our passionate fan base.

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Our core businesses surrounding the promotion of live events include ticketing, and sponsorship and advertising. We believe our focus on growing these businesses will increase shareholder value as we continue to enhance our revenue streams and achieve economies of scale with our global platforms. We also continue to strengthen our core operations, further expanding into additional global markets and optimizing our cost structure. Our strategy is to grow and innovate through the initiatives listed below.

• Expand our Concert Platform. We will deliver more shows, grow our fan base and increase our ticket sales by continuing to build our portfolio of festivals globally, expanding our business into additional top global music markets, and further building our presence in existing markets. Through our strong partnership with artist managers, we believe we can continue to further expand our concert base by delivering strong and consistent services to our artist managers and their clients.

• Grow our Revenue per Show. We will grow our revenue per show across our venues through more effective ticket pricing, broader ticketing distribution and more targeted promotional marketing. We will also grow our onsite fan monetization through improved onsite products and services.

• Sell More Tickets and Invest in Product Improvements. We are focused on selling tickets through a wide set of sales channels, including mobile and online, and leveraging our fan database. We will enhance our API features to reach a broader audience. We will grow the volume of secondary tickets sold through a trusted environment for fan ticket exchanges, allowing our fans to have a dependable, secure destination for secondary ticket acquisition for all events. We will continue to invest in our ticketing platforms and develop innovative products to build fan traffic to our sales channels, drive increased ticket sales, and continue to increase our client base.

• Grow Sponsorship and Advertising Partnerships. We will continue to drive growth in our sponsorship relationships and capture a larger share of the global music sponsorship market. We will focus on expanding existing partnerships and developing new corporate sponsor partners to provide them with targeted strategic programs, leveraging our nearly 86 million fans attending our shows each year. We will continue to develop and to scale new products in order to drive onsite revenue.

Our Strengths

We believe we have unique resources that are unmatched in the live entertainment industry.

• Fans. During 2017, we connected over580 million fans to their favorite live event. Our database of fans and their interests provides us with the means to efficiently market our shows to them.

• Artists. We have extensive relationships with artists ranging from those just beginning their careers to established superstars. In 2017, we promoted shows or tours for over 4,000 artists globally. In addition, through our artist management companies, we manage more than 500 artists.

• Online Services and Ticketing. We own and operate various branded websites, both in the United States and abroad, which are customized to reflect services offered in each jurisdiction. Our primary online websites, www.livenation.com and www.ticketmaster.com, together with our other branded ticketing websites, are designed to promote ticket sales for live events. We also have both Live Nation and Ticketmaster mobile apps that our fans can use to access event information and buy tickets.

• Distribution Network. We believe that our global distribution network of promoters, venues and festivals provides us with a strong position in the live concert industry. We believe we have one of the largest global networks of live entertainment businesses in the world, with offices in 36 countries worldwide. In addition, we own, operate, have exclusive booking rights for, or have an equity interest in, 222 venues located across 12 countries as of the end of 2017, making us, we believe, the second largest operator of music venues in the world. We also believe that we are one of the largest music festival producers in the world with 97 festivals globally. In addition, we believe that our global ticketing distribution network, which includes one of the largest ecommerce sites and apps with over 43 million downloads, and more than 12,000 clients worldwide, makes us the largest ticketing network in the world.

• Sponsors. We employ a sales force of over 400 people that worked with over 900 sponsors during 2017, through a combination of strategic partnerships, local venue-related deals and national agreements, both in North America and internationally. Our sponsors include some of the most well-recognized national and global brands including Citibank, American Express, O₂, Pepsi, Cisco and Hilton (each of these brands is a registered trademark of the sponsor).

• Employees. At December 31, 2017, we employed approximately 8,800 full-time employees.

Our History

We were incorporated in Delaware on August 2, 2005 in preparation for the contribution and transfer by Clear Channel Communications, Inc. of substantially all of its entertainment assets and liabilities to us. We completed this separation on

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December 21, 2005, and became a publicly traded company on the New York Stock Exchange trading under the symbol “LYV.”

On January 25, 2010, we merged with Ticketmaster Entertainment LLC and it became a wholly-owned subsidiary of Live Nation. Effective with the merger, Live Nation, Inc. changed its name to Live Nation Entertainment, Inc.

Our Industry

We operate in these main industries within the live entertainment business: live music events, associated venue operations and the provision of management and other services to artists, sponsorship and advertising sales and ticketing services.

The live music industry includes concert promotion and/or production of music events or tours. Typically, to initiate live music events or tours, booking agents contract with artists to represent them for defined periods. Booking agents then contact promoters, who will contract with them or with artists directly, to arrange events. Promoters earn revenue primarily from the sale of tickets. Artists are paid by the promoter under one of several different formulas, which may include fixed guarantees and/or a percentage of ticket sales or event profits. In addition, promoters may also reimburse artists for certain costs of production, such as sound and lights. Under guaranteed payment formulas, promoters assume the risks of unprofitable events. Promoters may renegotiate lower guarantees or cancel events because of insufficient ticket sales in order to reduce their losses. Promoters can also reduce the risk of losses by entering into global or national touring agreements with artists and including the right to offset lower performing shows against higher performing shows on the tour in the determination of overall artist fees. Artist managers primarily provide services to music recording artists to manage their careers. The artist manager negotiates on behalf of the artist and is paid a fee, generally as a percentage of the artist’s earnings.

For music tours, two to nine months typically elapse between initially booking artists and the first performances. Promoters, in conjunction with artists, managers and booking agents, set ticket prices and advertise events. Promoters market events, sell tickets, rent or otherwise provide venues and arrange for local production services, such as stages and equipment.

Venue operators typically contract with promoters to have their venues rented for specific events on specific dates and receive fixed fees or percentages of ticket sales as rental income. In addition, venue operators provide services such as concessions, parking, security, ushering and ticket-taking, and receive some or all of the revenue from concessions, merchandise, venue sponsorships, parking and premium seating.

The sponsorship and advertising industry within the live entertainment business involves the sale of international, national, regional and local advertising and promotional programs to a variety of companies to advertise or promote their brand, product or service. These sponsorships typically include venue naming rights, onsite venue signage, online advertisements and exclusive partner rights in various categories such as credit card, beverage, hotel and telecommunications, and may include event pre-sales and onsite product activation.

Ticketing services include the sale of tickets primarily through online and mobile channels but also through phone, outlet and box office channels. Ticketing companies will contract with venues and/or promoters to sell tickets to events over a period of time, generally three to five years. The ticketing company generally gets paid a fixed fee per ticket sold or a percentage of the total ticket service charges. The ticketing company receives the cash for the ticket sales and related service charges at the time the ticket is sold and periodically remits these receipts to the venue and/or promoter after deducting its fee. Venues will often also sell tickets through a local box office at the venue using the ticketing company’s technology. The ticketing company will generally not earn a fee on these box office tickets.

Ticketing resale services generally refers to the sale of tickets by a holder who originally obtained the tickets from a venue or other entity, or a ticketing services provider selling on behalf of a venue or other entity. Resale tickets are also referred to as secondary tickets. Generally, the ticket resale company is paid a service charge when the ticket is resold and the negotiated ticket value is paid to the holder.

Our Business

Our reportable segments are Concerts, Sponsorship & Advertising and Ticketing.

Concerts.Our Concerts segment principally involves the global promotion of live music events in our owned or operated venues and in rented third-party venues, the operation and management of music venues, the production of music festivals across the world, the creation of associated content and the provision of management and other services to artists. During 2017, our Concerts business generated $7.9 billion, or 76.3%, of our total revenue. We promoted more than29,500 live music events in 2017, including artists such as U2, Coldplay, Guns N’ Roses, Metallica, Bruno Mars and Depeche Mode and through festivals such as Austin City Limits, Lollapolooza, Electric Daisy Carnival, BottleRock, Rock Werchter and Reading. While our Concerts segment operates year-round, we generally experience higher revenue during the second and third quarters due to the seasonal nature of shows at our outdoor amphitheaters and festivals, which primarily occur from May through October.

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As a promoter, we earn revenue primarily from the sale of tickets and pay artists under one of several formulas, including a fixed guaranteed amount and/or a percentage of ticket sales or event profits. For each event, we either use a venue we own or operate, or rent a third-party venue. Revenue is generally impacted by the number of events, volume of ticket sales and ticket prices. Event costs such as artist fees and production service expenses are included in direct operating expenses and are typically substantial in relation to the revenue. As a result, significant increases or decreases in promotion revenue do not typically result in comparable changes to operating income.

As a venue operator, we generate revenue primarily from the sale of concessions, parking, premium seating, rental income, venue sponsorships and ticket rebates or service charges earned on tickets sold through our internal ticketing operations or by third parties under ticketing agreements. In our amphitheaters, the sale of concessions is outsourced and we receive a share of the net revenue from the concessionaire, which is recorded in revenue with no significant associated direct operating expenses. Revenue generated from venue operations typically has a higher margin than promotion revenue and therefore typically has a more direct relationship to changes in operating income.

As a festival promoter, we typically book artists, secure festival sites, provide for third-party production services, sell tickets and advertise events to attract fans. We also provide or arrange for third parties to provide operational services as needed such as concessions, merchandising and security. We earn revenue from the sale of tickets and typically pay artists a fixed guaranteed amount. We also earn revenue from the sale of concessions, camping fees, festival sponsorships and service charges earned on tickets sold. For each event, we either use a festival site we own or rent a third-party festival site. Revenue is generally impacted by the number of events, volume of ticket sales and ticket prices. Event costs such as artist fees and production service expenses are included in direct operating expenses and are typically substantial in relation to the revenue. Since the artist fees are typically fixed guarantees for these events, significant increases or decreases in festival promotion revenue will generally result in comparable changes to operating income.

Sponsorship & Advertising.Our Sponsorship & Advertising segment employs a sales force that creates and maintains relationships with sponsors through a combination of strategic, international, national and local opportunities that allow businesses to reach customers through our concerts, venue, festivals and ticketing assets, including advertising on our websites. We work with our corporate clients to help create marketing programs that drive their business goals and connect their brands directly with fans and artists. We also develop, book and produce custom events or programs for our clients’ specific brands which are typically presented exclusively to the clients’ consumers. These custom events can involve live music events with talent and media, using both online and traditional outlets. During 2017, our Sponsorship & Advertising business generated $445 million, or 4.3%, of our total revenue. We typically experience higher revenue in the second and third quarters as a large portion of sponsorships are typically associated with our outdoor venues and festivals, which are primarily used in or occur from May through October.

We believe that we have a unique opportunity to connect the music fan to corporate sponsors and therefore seek to optimize this relationship through strategic sponsorship programs. We continue to also pursue the sale of national and local sponsorships, both domestically and internationally, and placement of advertising, including signage, online advertising and promotional programs. Many of our venues have naming rights sponsorship programs. We believe national and international sponsorships allow us to maximize our network of venues and festivals and to arrange multi-venue or multi-festival branding opportunities for advertisers. Our local and venue-focused sponsorships include venue signage, promotional programs, onsite activation, hospitality and tickets, and are derived from a variety of client companies across various industry categories.

Ticketing. Our Ticketing segment is primarily an agency business that sells tickets for events on behalf of its clients and retains a fee, or service charge, for these services. We sell tickets for our events and also for third-party clients across multiple live event categories, providing ticketing services for leading arenas, stadiums, amphitheaters, music clubs, concert promoters, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters. We sell tickets through websites, mobile apps, ticket outlets and telephone call centers. During the year ended December 31, 2017, we sold 60%, 33%, 5% and 2% of primary tickets through these channels, respectively. Our Ticketing segment also manages our online activities including enhancements to our websites and product offerings. During 2017, our Ticketing business generated $2.1 billion, or 20.7%, of our total revenue, which excludes the face value of tickets sold. Through all of our ticketing services, we sold 206 million tickets in 2017 on which we were paid fees for our services. In addition, approximately 292 million tickets in total were sold using our Ticketmaster systems, including through season seat packages, our venue clients’ box offices, and other channels through which we do not receive a fee. Our ticketing sales are impacted by fluctuations in the availability of events for sale to the public, which may vary depending upon event scheduling by our clients. As ticket sales increase, related Ticketing operating income generally increases as well.

We sell tickets on behalf of our clients through our ticketing platforms across the world. We generally enter into written agreements with individual clients to provide primary ticketing services for specified multi-year periods, typically ranging from three to five years. Pursuant to these agreements, clients generally determine and then tell us what tickets will be available for sale, when such tickets will go on sale to the public and what the ticket price will be, sometimes with our guidance and recommendations. Agreements with venue clients in North America and Australia generally grant us the right to sell tickets for

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all events presented at the relevant venue for which tickets are made available to the general public. Agreements with promoter clients internationally generally grant us the right to sell tickets for all events presented by a given promoter at any venue, unless that venue is already covered by an existing exclusive agreement with our ticketing business or another ticketing service provider. Where we have exclusive venue contracts, clients may not utilize, authorize or promote the services of third-party ticketing companies or technologies while under contract with us. While we generally have the right to sell a substantial portion of our clients’ tickets, venue and promoter clients often sell and distribute a portion of their tickets in-house through their box office and season ticket programs. In addition, under many written agreements between promoters and our clients, the client often allocates certain tickets for artist, promoter, agent and venue use and does not make those tickets available for sale by us. As a result of these, and sometimes other, channels through which tickets are sometimes distributed, with our permission, outside of our ticketing system even at venues where we are the primary ticketing service provider, we do not always sell all of our clients’ tickets and the amount of tickets that we sell varies from client to client and from event to event, and varies as to any given client from year to year.

We currently offer ticket resale services, sometimes referred to as secondary ticketing, principally through our integrated inventory platform, league/team platforms and other platforms internationally. We enter into arrangements with the holders of tickets previously distributed by a venue or other source, to post their ticket inventory for sale at a purchase price equal to a new sales price, determined by the ticket holder, plus a pre-determined service fee to the buyer. The seller in this circumstance receives the new sales price less a predetermined seller service fee.

Live Nation Venue Details

In the live entertainment industry, venue types generally consist of:

• Stadiums—Stadiums are multi-purpose facilities, often housing local sports teams. Stadiums typically have 30,000 or more seats. Although they are the largest venues available for live music, they are not specifically designed for live music.

• Amphitheaters—Amphitheaters are generally outdoor venues with between 5,000 and 30,000 seats that are used primarily in the summer season. We believe they are popular because they are designed specifically for concert events, with premium seat packages and better lines of sight and acoustics.

• Arenas—Arenas are indoor venues that are used as multi-purpose facilities, often housing local sports teams. Arenas typically have between 5,000 and 20,000 seats. Because they are indoors, they are able to offer amenities that other similar-sized outdoor venues cannot, such as luxury suites and premium club memberships. As a result, we believe they are popular for higher-priced concerts aimed at audiences willing to pay for these amenities.

• Theaters—Theaters are indoor venues that are built primarily for music events, but may include theatrical performances. These venues typically have a capacity of between 1,000 and 6,500. Theaters represent less risk to concert promoters because they have lower fixed costs associated with hosting a concert and may provide a more appropriately-sized venue for developing artists and more artists in general. Because these venues have a smaller capacity than an amphitheater, they do not offer as much economic upside on a per show basis.

• Clubs—Clubs are indoor venues that are built primarily for music events, but may also include comedy clubs. These venues typically have a capacity of less than 1,000 and often without full fixed seating. Because of their small size, they do not offer as much economic upside, but they also represent less risk to a concert promoter because they have lower fixed costs associated with hosting a concert and also may provide a more appropriately-sized venue for developing artists. Clubs can also be used year-round.

• House of Blues—House of Blues venues are our branded indoor venues that offer customers an integrated live music and dining experience. The live music halls are specially designed to provide optimum acoustics and typically can accommodate between 1,000 to 2,000 guests. A full-service restaurant and bar is located adjacent to the live music hall. We believe that the strength of the brand and the quality of the food, service and unique atmosphere in our restaurants attract customers to these venues independently from an entertainment event and generate a significant amount of repeat business from local customers.

• Festival Sites—Festival sites are outdoor locations used primarily in the summer season to stage large single-day or multi-day concert events featuring several artists on multiple stages. Depending on the location, festival site capacities can range from 10,000 to over 100,000 fans per day. We believe they are popular because of the value provided to the fan by packaging several artists together for an event. While festival sites only host a few events each year, they can provide higher operating income because we are able to generate income from many different services provided at the event.

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The following table summarizes the number of venues by type that we owned, leased, operated, had exclusive booking rights for or had an equity interest in as of December 31, 2017:

Venue Type	Capacity	Owned	Leased	Operated	Exclusive Booking Rights	Equity Interest	Total
Stadium	More than 30,000	—	—	—	1	—	1
Amphitheater	5,000 - 30,000	10	32	7	13	—	62
Arena	5,000 - 20,000	1	5	2	2	1	11
Theater	1,000 - 6,500	7	38	9	17	2	73
Club	Less than 1,000	3	17	1	12	1	34
House of Blues	1,000 - 2,000	2	9	—	—	—	11
Festival Site *	Varies	5	2	—	23	—	30
Total venues in operation		28	103	19	68	4	222
Venues currently under construction		—	4	—	—	—	4
Venues not currently in operation		1	2	—	—	—	3
Total venues in operation by location:
North America		19	81	15	51	3	169
International		9	22	4	17	1	53

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* Exclusive booking rights for festival sites includes multi-year agreements providing us the right to use public or private land for a defined period of time leading up to and continuing after the festival.  We may enter into multiple agreements for a single festival site or use the same site for multiple festivals. We have aggregated the agreements for each festival site and reported them as one festival site.

Competition

Competition in the live entertainment industry is intense. We believe that we compete primarily on the basis of our ability to deliver quality music events, sell tickets and provide enhanced fan and artist experiences. We believe that our primary strengths include:

• the quality of service delivered to our artists, fans, ticketing clients and corporate sponsors;

• our track record and reputation in promoting and producing live music events and tours both domestically and internationally;

• artist relationships;

• our global footprint;

• the quality of our ticketing software and services;

• our ecommerce site and associated database;

• our diverse distribution platform (venues);

• the scope and effectiveness in our expertise of advertising and sponsorship programs; and

• our financial stability.

Although we believe that our products and services currently compete favorably with respect to such factors, we cannot provide any assurance that we can maintain our competitive position against current and potential competitors, especially those with significantly greater brand recognition, or financial, marketing, support, technical and other resources.

In the markets in which we promote music concerts, we face competition from both promoters and venue operators. We believe that barriers to entry into the promotion services business are low and that certain local promoters are increasingly expanding the geographic scope of their operations.

Some of our competitors in the live music promotion industry are Anschutz Entertainment Group, or AEG, Dainty Group, Another Planet Entertainment, Jam Productions, Ltd., I.M.P and LiveStyle, Inc. in addition to numerous smaller regional

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companies and various casinos and venues in North America, Europe, Asia, and Australia. AEG operates under a number of different names including AEG Live, Concerts West, Goldenvoice and The Messina Group. Some of our competitors in the live music industry have a stronger presence in certain markets, have access to other sports and entertainment venues and may have greater financial resources in those markets, which may enable them to gain a greater competitive advantage in relation to us.

In markets where we own or operate a venue, we compete with other venues to serve artists likely to perform in that general region. Consequently, touring artists have various alternatives to our venues when scheduling tours. Our main competitors in venue management include SMG, AEG, The Madison Square Garden Company and The Nederlander Organization, in addition to numerous smaller regional companies in North America, Europe and Australia/New Zealand. Some of our competitors in venue management have a greater number of venues in certain markets and may have greater financial resources in those markets.

Our main competitors at the local market level for sponsorships and advertising dollars include local sports teams, which often offer state-of-the-art venues, strong brand association and attractive local media packages, as well as festivals, theme parks and other local events. On the national level, our competitors include the major sports leagues that sell sponsorships combined with significant national media packages.

The ticketing services industry includes the sale of tickets primarily through online and mobile channels, but also through telephone and ticket outlets. As online and mobile ticket purchases increase, related ticketing costs generally decrease, which has made it easier for technology-based companies to offer primary ticketing services and standalone, automated ticketing systems that enable venues to perform their own ticketing services or utilize self-ticketing systems. In the online environment, we compete with other websites, online event sites and ticketing companies to provide event information, sell tickets and provide other online services such as fan clubs and artist websites.

We experience competition from other national, regional and local primary ticketing service providers to secure new venues and to reach fans for events. Resale, or secondary, ticketing services have created more aggressive buying of primary tickets whereby certain brokers are using automated internet “bot” technology to attempt to buy the best tickets when they go on sale, notwithstanding federal and state prohibitions. The internet allows fans and other ticket resellers to reach a vastly larger audience through the aggregation of inventory on online resale websites and marketplaces, and provides consumers with more convenient access to tickets for a larger number and greater variety of events.

We also face significant and increasing competition from companies that sell self-ticketing systems, as well as from venues that choose to integrate self-ticketing systems into their existing operations or acquire primary ticketing service providers. Our competitors include primary ticketing companies such as Tickets.com, AXS, Paciolan, Inc., CTS Eventim AG, Eventbrite, eTix, Ticketfly and SeatGeek; secondary ticketing companies such as StubHub, Vivid Seats, TicketNetwork and SeatGeek; and many others, including large technology companies that we understand have recently entered or are likely to enter these markets.

Government Regulations

We are subject to federal, state and local laws, both domestically and internationally, governing matters such as:

• privacy laws and protection of personal or sensitive information;

• compliance with United States Foreign Corrupt Practices Act, the United Kingdom Bribery Act 2010 and similar regulations in other countries;

• primary ticketing and ticket resale services;

• construction, renovation and operation of our venues;

• licensing, permitting and zoning, including noise ordinances;

• human health, safety and sanitation requirements;

• the service of food and alcoholic beverages;

• working conditions, labor, minimum wage and hour, citizenship and employment laws;

• compliance with the Americans with Disabilities Act of 1990 (“ADA”), the United Kingdom’s Disability Discrimination Act of 1995 (“DDA”) and similar regulations in other countries;

• hazardous and non-hazardous waste and other environmental protection laws;

• sales and other taxes and withholding of taxes;

• marketing activities via the telephone and online; and

• historic landmark rules.

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We believe that we are materially in compliance with these laws. We are required to comply with federal, state and international laws regarding privacy and the storing, sharing, use, disclosure and protection of personally identifiable information and user data, an area that is increasingly subject to legislation and regulations in numerous jurisdictions around the world, including the European Union’s GDPR (as defined and discussed below in Item 1A.—Risk Factors).

We are required to comply with the laws of the countries in which we operate and also the United States Foreign Corrupt Practices Act and the United Kingdom Bribery Act 2010 regarding anti-bribery regulations. These regulations make it illegal for us to pay, promise to pay or receive money or anything of value to, or from, any government or foreign public official for the purpose of directly or indirectly obtaining or retaining business. This ban on illegal payments and bribes also applies to agents or intermediaries who use funds for purposes prohibited by the statute.

From time to time, federal, state, local and international authorities and/or consumers commence investigations, inquiries or litigation with respect to our compliance with applicable consumer protection, advertising, unfair business practice, antitrust (and similar or related laws) and other laws, particularly as related to primary ticketing and ticket resale services.

The regulations relating to our food service operations in our venues are many and complex. A variety of regulations at various governmental levels relating to the handling, preparation and serving of food, the cleanliness of food production facilities and the hygiene of food-handling personnel are enforced primarily at the local public health department level.

We also must comply with applicable licensing laws, as well as state and local service laws, commonly called dram shop statutes. Dram shop statutes generally prohibit serving alcoholic beverages to certain persons such as an individual who is intoxicated or a minor. If we violate dram shop laws, we may be liable to third parties for the acts of the customer. Although we generally hire outside vendors to provide these services at our larger operated venues and regularly sponsor training programs designed to minimize the likelihood of such a situation, we cannot guarantee that intoxicated or minor customers will not be served or that liability for their acts will not be imposed on us.

We are also required to comply with the ADA, the DDA and certain state statutes and local ordinances that, among other things, require that places of public accommodation, including both existing and newly-constructed venues, be accessible to customers with disabilities. The ADA and the DDA require that venues be constructed to permit persons with disabilities full use of a live entertainment venue. The ADA and the DDA may also require that certain modifications be made to existing venues to make them accessible to customers and employees who are disabled. In order to comply with the ADA, the DDA and other similar ordinances, we may face substantial capital expenditures in the future.

From time to time, governmental bodies have proposed legislation that could have an effect on our business. For example, some legislatures have proposed laws in the past that would impose potential liability on us and other promoters and producers of live music events for entertainment taxes and for incidents that occur at our events, particularly relating to drugs and alcohol. More recently, some jurisdictions have proposed legislation that would restrict ticketing methods or mandate ticket inventory disclosure.

In addition, we and our venues are subject to extensive environmental laws and regulations relating to the use, storage, disposal, emission and release of hazardous and non-hazardous substances, as well as zoning and noise level restrictions which may affect, among other things, the hours of operations of and the type of events we can produce at our venues.

Intellectual Property

We create, own and distribute intellectual property worldwide. It is our practice to protect our trademarks, brands, copyrights, patents and other original and acquired works, ancillary goods and services. We have registered many of our trademarks in numerous foreign countries. We believe that our trademarks and other proprietary rights have significant value and are important to our brand-building efforts and the marketing of our services. We cannot predict, however, whether steps taken by us to protect our proprietary rights will be adequate to prevent misappropriation of these rights.

Employees

As of December 31, 2017, we had approximately 8,800 full-time employees, including 5,700 in North America and 3,100 international employees, of which approximately 8,600 were employed in our operations departments and approximately 200 were employed in our corporate group.

Our staffing needs vary significantly throughout the year. Therefore, we also employ seasonal and part-time employees, primarily for our live music venues and festivals. As of December 31, 2017, we employed approximately 12,500 seasonal and part-time employees and during peak seasonal periods, particularly in the summer months, we employed as many as 28,000 seasonal and part-time employees in 2017.

The stagehands at some of our venues and other employees are subject to collective bargaining agreements. Our union agreements typically have a term of three years and thus regularly expire and require negotiation in the course of our business. We believe that we enjoy good relations with our employees and other unionized labor involved in our events, and there have

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been no significant work stoppages in the past three years. Upon the expiration of any of our collective bargaining agreements, however, we may be unable to renegotiate on terms favorable to us, and our business operations at one or more of our facilities may be interrupted as a result of labor disputes or difficulties and delays in the process of renegotiating our collective bargaining agreements. In addition, our business operations at one or more of our facilities may also be interrupted as a result of labor disputes by outside unions attempting to unionize a venue even though we do not have unionized labor at that venue currently. A work stoppage at one or more of our owned or operated venues or at our promoted events could have a material adverse effect on our business, results of operations and financial condition. We cannot predict the effect that a potential work stoppage will have on our results of operations.

Executive Officers

Set forth below are the names, ages and current positions of our executive officers and other significant employees as of February 20, 2018.

Name	Age	Position
Michael Rapino	52	President, Chief Executive Officer and Director
Ron Bension	63	President–HOB Entertainment
Joe Berchtold	53	President
Brian Capo	51	Chief Accounting Officer
Arthur Fogel	64	Chairman–Global Music and President–Global Touring
John Hopmans	59	Executive Vice President–Mergers and Acquisitions and Strategic Finance
John Reid	56	President–Live Nation Europe Concerts
Alan Ridgeway	51	President–International and Emerging Markets
Bob Roux	60	President–US Concerts
Michael Rowles	52	General Counsel and Secretary
Jared Smith	40	President–Ticketmaster
Russell Wallach	52	President–Media and Sponsorships
Kathy Willard	51	Chief Financial Officer
Mark Yovich	43	President–Ticketmaster International
Jordan Zachary	35	Chief Strategy Officer

Michael Rapino is our President and Chief Executive Officer and has served in this capacity since August 2005. He has also served on our board of directors since December 2005. Mr. Rapino has worked for us or our predecessors since 1999.

Ron Bension is President of our HOB Entertainment division and has served in this capacity since November 2010. Prior to that, Mr. Bension served as Chief Executive Officer for TicketsNow, a division of Ticketmaster, since joining us in January 2010.

Joe Berchtold is our President and has served in this capacity since December 2017. Prior to that, Mr. Berchtold served as our Chief Operating Officer since joining us in April 2011. Previously, Mr. Berchtold was at Technicolor, where he was most recently President of Technicolor Creative Services, after joining them in 2003.

Brian Capo is our Chief Accounting Officer and has served in this capacity since joining us in December 2007.

Arthur Fogel is the Chairman of our Global Music group and President of our Global Touring division and has served in these capacities since 2005. Mr. Fogel has worked for us or our predecessors since 1999.

John Hopmans is our Executive Vice President of Mergers and Acquisitions and Strategic Finance and has served in this capacity since joining us in April 2008.

John Reid is President of our Europe Concerts division and has served in this capacity since joining us in January 2012. Prior to that, Mr. Reid was the Chief Executive Officer of Warner Music Europe and International Marketing from November 2010 to December 2011.

Alan Ridgeway is President of our International and Emerging Markets division and has served in this capacity since November 2011. Prior to that, Mr. Ridgeway was Chief Executive Officer of our International division from September 2007 to October 2011. Mr. Ridgeway has worked for us or our predecessors since 2002.

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Bob Roux is President of our US Concerts division and has served in this capacity since October 2010. Mr. Roux has worked for us or our predecessors since 1990.

Michael Rowles is our General Counsel and has served in this capacity since joining us in March 2006 and as our Secretary since May 2007.

Jared Smith is President of Ticketmaster and has served in this capacity since May 2013. Prior to that, Mr. Smith served as Ticketmaster’s Chief Operating Officer from May 2010 to April 2013 and has worked for us or our predecessors since 2003.

Russell Wallach is President of our Media and Sponsorships division and has served in this capacity since July 2006. Mr. Wallach has worked for us or our predecessors since 1996.

Kathy Willard is our Chief Financial Officer and has served in this capacity since September 2007. Ms. Willard has worked for us or our predecessors since 1998.

Mark Yovich is President of Ticketmaster’s International division and has served in this capacity since November 2011. Prior to that, Mr. Yovich served as Executive Vice President and General Manager of our International eCommerce division from January 2010 to October 2011. Mr. Yovich has worked for us or our predecessors since 2000.

Jordan Zachary is our Chief Strategy Officer and has served in this capacity since joining us in April 2015. Prior to that, Mr. Zachary was most recently a Managing Director of The Raine Group, after joining them in 2009.

Available Information

We are required to file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy any materials we have filed with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Our filings with the SEC are also available to the public through the SEC’s website at www.sec.gov.

You can find more information about us online at our investor relations website located at www.investors.livenationentertainment.com. Our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to those reports are available free of charge on our website as soon as reasonably practicable after we electronically file such material with the SEC. The information posted on or accessible through our website is not incorporated into this annual report on Form 10-K.

ITEM 1A.    RISK FACTORS

You should carefully consider each of the following risks and all of the other information set forth in this Annual Report. The following risks relate principally to our business and operations, our leverage and our common stock. If any of the risks and uncertainties develop into actual events, this could have a material adverse effect on our business, financial condition or results of operations. In that case, the trading price of our common stock could decline.

Risks Relating to Our Business and Operations

Our business is highly sensitive to public tastes and is dependent on our ability to secure popular artists and other live music events, and we and our ticketing clients may be unable to anticipate or respond to changes in consumer preferences, which may result in decreased demand for our services.

Our business is highly sensitive to rapidly changing public tastes and is dependent on the availability of popular artists and events. Our live entertainment business depends in part on our ability to anticipate the tastes of consumers and to offer events that appeal to them. Since we rely on unrelated parties to create and perform at live music events, any unwillingness to tour or lack of availability of popular artists could limit our ability to generate revenue. In particular, there are a limited number of artists that can headline a major North American or global tour or who can sell out larger venues, including many of our amphitheaters. If those artists do not choose to tour, or if we are unable to secure the rights to their future tours, then our concerts business would be adversely affected. Our artist management business could be adversely affected if the artists it represents do not tour or perform as frequently as anticipated, or if such tours or performances are not as widely attended by fans as anticipated due to changing tastes, general economic conditions or otherwise. Our ticketing business relies on third parties to create and perform live entertainment, sporting and leisure events and to price tickets to such events. Accordingly, our ticketing business’ success depends, in part, upon the ability of these third parties to correctly anticipate public demand for particular events, as well as the availability of popular artists, entertainers and teams.

In addition, our live entertainment business typically books our live music tours two to nine months in advance of the beginning of the tour and often agrees to pay an artist a fixed guaranteed amount prior to our receiving any revenue. Therefore, if the public is not receptive to the tour, or we or an artist cancel the tour, we may incur a loss for the tour depending on the amount of the fixed guarantee or incurred costs relative to any revenue earned, as well as revenue we could have earned at

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booked venues. We have cancellation insurance policies in place to cover a portion of our losses if an artist cancels a tour but such policies may not be sufficient and are subject to deductibles. Furthermore, consumer preferences change from time to time, and our failure to anticipate, identify or react to these changes could result in reduced demand for our services, which would adversely affect our business, financial condition and results of operations.

Our business depends on relationships between key promoters, executives, agents, managers, artists and clients and any adverse changes in these relationships could adversely affect our business, financial condition and results of operations.

The live music business is uniquely dependent upon personal relationships, as promoters and executives within live music companies such as ours leverage their existing network of relationships with artists, agents and managers in order to secure the rights to the live music tours and events which are critical to our success. Due to the importance of those industry contacts to our business, the loss of any of our promoters, officers or other key personnel could adversely affect our business. Similarly, the artist management business is dependent upon the highly personalized relationship between a manager and an artist, and the loss of a manager may also result in a loss of the artist represented by the manager, which could adversely affect our business. Although we have entered into long-term agreements with many of those individuals described above to protect our interests in those relationships, we can give no assurance that all or any of these key employees or managers will remain with us or will retain their associations with key business contacts, including music artists.

The success of our ticketing business depends, in significant part, on our ability to maintain and renew relationships with existing clients and to establish new client relationships. We anticipate that, for the foreseeable future, the substantial majority of our Ticketing segment revenue will be derived from both online and mobile as well as direct sales of tickets. We also expect that revenue from primary ticketing services, which consist primarily of per ticket convenience charges and per order service fees, will continue to comprise the substantial majority of our Ticketing segment revenue. We cannot provide assurances that we will be able to maintain existing client contracts, or enter into or maintain new client contracts, on acceptable terms, if at all, and the failure to do so could have a material adverse effect on our business, financial condition and results of operations.

Another important component of our success is our ability to maintain existing and to build new relationships with third-party distribution channels, advertisers, sponsors and service providers. Any adverse change in these relationships, including the inability of these parties to fulfill their obligations to our businesses for any reason, could adversely affect our business, financial condition and results of operations.

We face intense competition in the live music and ticketing industries, and we may not be able to maintain or increase our current revenue, which could adversely affect our business, financial condition and results of operations.

Our businesses are in highly competitive industries, and we may not be able to maintain or increase our current revenue due to such competition. The live music industry competes with other forms of entertainment for consumers’ discretionary spending and within this industry we compete with other venues to book artists, and, in the markets in which we promote music concerts, we face competition from other promoters and venue operators. Our competitors compete with us for key employees who have relationships with popular music artists and who have a history of being able to book such artists for concerts and tours. These competitors may engage in more extensive development efforts, undertake more far-reaching marketing campaigns, adopt more aggressive pricing policies and make more attractive offers to existing and potential artists. Due to increasing artist influence and competition to attract and maintain artist clients, we may enter into agreements on terms that are less favorable to us, which could negatively impact our financial results. Our competitors may develop services, advertising options or music venues that are equal or superior to those we provide or that achieve greater market acceptance and brand recognition than we achieve. Within the live music industry, our artist management business also competes with numerous other artist management companies and individual managers in the United States alone, both to discover new and emerging artists and to represent established artists. Across the live music industry, it is possible that new competitors may emerge and rapidly acquire significant market share.

Our ticketing business faces significant competition from other national, regional and local primary ticketing service providers to secure new and retain existing clients on a continuous basis. Additionally, we face significant and increasing challenges from companies that sell self-ticketing systems and from clients who choose to self-ticket, through the integration of such systems into their existing operations or the acquisition of primary ticket services providers or by increasing sales through venue box offices and season and subscription sales. We also face competition in the resale of tickets from online auction websites and resale marketplaces and from other ticket resellers with online distribution capabilities. The advent of new technology, particularly as it relates to online ticketing, has amplified this competition. The intense competition that we face in the ticketing industry could cause the volume of our ticketing services business to decline. As we are also a content provider and venue operator we may face direct competition with our prospective or current primary ticketing clients, who primarily include live event content providers. This direct competition with our prospective or current primary ticketing clients could result in a decline in the number of ticketing clients we have and a decline in the volume of our ticketing business, which could adversely affect our business, financial condition and results of operations.

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In the secondary ticket sales market, we have restrictions on our business that are not faced by our competitors, which restrictions include those that are self-imposed, imposed as a result of agreements entered into with the Federal Trade Commission (“FTC”) and the Attorneys General of several individual states, various international governing bodies, and statutory. These restrictions include: restrictions on linking from our page on the www.ticketmaster.com website that informs consumers that no tickets were found in response to their ticket request to our resale ticketing options without first obtaining approval from the State of New Jersey as to any material changes to our current linking practices; a requirement to clearly and conspicuously disclose on any primary ticketing website where a link or redirect to a resale website owned or controlled by us is posted, that the link is directing the user to a resale website and that ticket prices often exceed the ticket’s original price; and a requirement to make certain clear and conspicuous disclosures and in certain instances to create separate listings when a ticket being offered for resale is not “in-hand” as well as a requirement to monitor and enforce the compliance of third parties offering tickets on our websites with such disclosure requirements. Our competitors in the secondary ticket sales market are not, to our knowledge, bound by similar restrictions. As a result, our ability to effectively compete in the secondary ticket sales market may be adversely affected, which could in turn adversely affect our business, financial condition and results of operations.

In connection with our merger with Ticketmaster Entertainment, Inc., we became subject to both a court-imposed final judgment in the United States and a consent agreement with Canadian authorities, pursuant to which we have agreed to abide by certain behavioral remedies that prevent us from engaging in retaliatory business tactics or improper tying arrangements. In addition, we are restricted from engaging in certain business activities that would be lawful for us to undertake absent the final judgment and the consent agreement. Our inability to undertake these business strategies could disadvantage us when we compete against firms that are not restricted by any such order, and we therefore face certain unquantifiable business risks as a result of compliance.

Other variables that could adversely affect our financial performance by, among other things, leading to decreases in overall revenue, the number of sponsors, event attendance, ticket prices and fees or profit margins include:

• an increased level of competition for advertising dollars, which may lead to lower sponsorships as we attempt to retain advertisers or which may cause us to lose advertisers to our competitors offering better programs that we are unable or unwilling to match;

• unfavorable fluctuations in operating costs, including increased guarantees to artists, which we may be unwilling or unable to pass through to our customers via higher ticket prices;

• inability to fund the significant up-front cash requirements associated with our touring and ticketing businesses due to insufficient cash on hand or capacity under our senior secured credit facility, which could result in the loss of key tours to competitors or the inability to secure and retain ticketing clients;

• competitors’ offerings that may include more favorable terms than we do in order to obtain agreements for new venues or ticketing arrangements or to obtain events for the venues they operate;

• technological changes and innovations that we are unable to adopt or are late in adopting that offer more attractive entertainment alternatives than we or other live entertainment providers currently offer, which may lead to a reduction in attendance at live events, a loss of ticket sales or lower ticket fees; and

• other entertainment options available to our audiences that we do not offer.

The success of our ticketing business and other operations depends, in part, on the integrity of our systems and infrastructure, as well as affiliate and third-party computer systems, wifi and other communication systems. System interruption and the lack of integration and redundancy in these systems and infrastructure may have an adverse impact on our business, financial condition and results of operations.

System interruption and the lack of integration and redundancy in the information systems and infrastructure, both of our own ticketing systems and other computer systems and of affiliate and third-party software, wifi and other communications systems service providers on which we rely, may adversely affect our ability to operate websites, process and fulfill transactions, respond to customer inquiries and generally maintain cost-efficient operations. Such interruptions could occur by virtue of natural disaster, malicious actions such as hacking or acts of terrorism or war, or human error. In addition, the loss of some or all of certain key personnel could require us to expend additional resources to continue to maintain our software and systems and could subject us to systems interruptions. The large infrastructure plant that is required to operate our systems requires an ongoing investment of time, money and effort to maintain or refresh hardware and software and to ensure it remains at a level capable of servicing the demand and volume of business that Ticketmaster receives. Failure to do so may result in system instability, degradation in performance, or unfixable security vulnerabilities that could adversely impact both the business and the consumer utilizing our services.

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While we have backup systems for certain aspects of our operations, disaster recovery planning by its nature cannot be sufficient for all eventualities. In addition, we may not have adequate insurance coverage to compensate for losses from a major interruption. If any of these adverse events were to occur, it could adversely affect our business, financial condition and results of operations.

Data loss or other breaches of our network security could materially harm our business and results of operations, and the processing, storage, use and disclosure of personal or sensitive information could give rise to liabilities and additional costs as a result of governmental regulation, litigation and conflicting legal requirements relating to personal privacy rights.

We process, store, use and disclose certain personal or sensitive information about our customers and employees. Penetration of our network or other misappropriation or misuse of personal or sensitive information and data, including credit card information, could cause interruptions in our operations and subject us to increased costs, litigation, inquiries and actions from governmental authorities, and financial and other liabilities. In addition, security breaches or the inability to protect our information could lead to increased incidents of ticketing fraud and counterfeit tickets. Security breaches could also significantly damage our reputation with consumers, ticketing clients and other third parties, and impose significant costs related to remediation efforts, such as credit or identity theft monitoring. Although we have developed systems and processes that are designed to protect customer information and prevent data loss and other security breaches, such measures cannot provide absolute security or certainty. It is possible that advances in computer and hacker capabilities, new variants of malware, the development of new penetration methods and tools, inadvertent violations of company policies or procedures or other developments could result in a compromise of information or a breach of the technology and security processes that are used to protect customer information. We have expended significant capital and other resources to protect against and remedy such potential security breaches and their consequences, including the establishment of a dedicated cybersecurity organization within our larger technology environment, and will continue to do so in the future. We also face risks associated with security breaches affecting third parties with which we are affiliated or with which we otherwise conduct business. Consumers are generally concerned with security and privacy of the internet, and any publicized security problems affecting our businesses and/or those of third parties may discourage consumers from doing business with us, which could have an adverse effect on our business, financial condition and results of operations.

In addition to the above concerns related to network and data security, the sharing, use, disclosure and protection of personal or sensitive information and other user data are governed by existing and evolving federal, state and international laws. We have expended significant capital and other resources to keep abreast of the evolving privacy landscape, including the establishment of a dedicated global privacy organization within our legal team. However, we could be adversely affected if legislation or regulations are expanded to require changes in business practices or privacy policies, including practices or policies regarding the collection, transfer, use, disclosure, security, and disposal of personal or sensitive information, or if governing jurisdictions interpret or implement their legislation or regulations in ways that negatively affect our business, financial condition and results of operations. Due to the changes in the data privacy regulatory environment, we may incur additional costs and challenges to our business that restrict or limit our ability to collect, transfer, use, disclose, secure, or dispose of personal or sensitive information. These changes in data privacy laws may require us to modify our current or future products, services, or programs, which may impact the products and services available to our customers.

Regulators are imposing significant fines for data privacy violations. Our business operations, including our ticketing business, involve the collection, transfer, use, disclosure, security, and disposal of personal or sensitive information in various locations around the world, including the European Union (“E.U.”). The E.U. adopted a new law governing data privacy called the General Data Protection Regulation (“GDPR”) that will become effective in May 2018. The GDPR creates new requirements regarding personal information. Non-compliance with the GDPR carries significant monetary penalties of up to the higher of 4% of a company’s worldwide total revenue or €20 million. We have committed significant capital and personnel resources to ensure that we are in compliance with the GDPR by its effective date; however, there can be no assurances that we will be successful in these efforts, or that violations will not occur, particularly given the complexity of both the GDPR and our business, as well as the uncertainties that accompany new, comprehensive legislation.

As we expand our operations into new jurisdictions worldwide that have data privacy laws, the costs associated with compliance with these regulations increases. It is possible that government or industry regulation in these markets will require us to deviate from our standard processes and/or make changes to our products, services and operations, which will increase operational cost and risk.

Our failure or the failure of the various third-party vendors and service providers with which we do business to comply with applicable privacy policies or federal, state or international laws and regulations or any compromise of security that results in the unauthorized release of personal or sensitive information or other user data could damage our reputation, discourage potential users from purchasing tickets, trying our products and services, and result in proceedings/fines by governmental agencies and private actions brought by consumers, one or all of which could adversely affect our business, financial condition and results of operations.

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We may be adversely affected by the occurrence of extraordinary events, such as terrorist attacks.

The occurrence and threat of extraordinary events, such as terrorist attacks, intentional or unintentional mass-casualty incidents, public health concerns such as contagious disease outbreaks, natural disasters or similar events, may deter artists from touring and/or substantially decrease the use of and demand for our services and the attendance at live music events, which may decrease our revenue or expose us to substantial liability. The terrorism and security incidents in the past, military actions in foreign locations and periodic elevated terrorism alerts have raised numerous challenging operating factors, including public concerns regarding air travel, military actions and additional national or local catastrophic incidents, causing a nationwide disruption of commercial and leisure activities.

In the event of actual or threatened terrorism events, some artists may refuse to travel or book tours, which could adversely affect our business. Attendance at events may decline due to fears over terrorism and contagious disease outbreaks, which could adversely impact our operating results. There have recently been terrorist attacks at events that we have promoted or with which we have otherwise been involved, which have resulted in lawsuits questioning, among other things, the adequacy of the security precautions at these events. While we are constantly evaluating the security precautions for our events in an effort to ensure the safety of the public, no security measures can guarantee safety and there can be no assurances that we won’t face liabilities, which could be substantial and materially impact our operating results, in connection with such terrorist attacks at our events. In addition, we hold a large number of events at third-party venues that we do not own or operate. While we do not have direct control over the security at such venues, there can be no guarantees that victims of a terrorism or casualty event at such venues will not seek to impose, or ultimately be successful in imposing, liability on us. The occurrence or threat of future terrorist attacks, military actions by the United States or others, contagious disease outbreaks, natural disasters such as earthquakes and severe floods or similar events cannot be predicted, and their occurrence can be expected to negatively affect the economies of the United States and other foreign countries where we do business, as well as our operating results.

While we have health and safety programs designed to mitigate the risks that are inherent in the staging of concerts and other events, as well as those associated with extraordinary occurrences or actions that may take place at our events, there can be no assurances that these programs will be sufficient to fully cover every possibility. Despite our best efforts, some occurrences or actions are difficult to foresee and adequately plan for, which could lead to fan, vendor and/or employee harm resulting in fines, penalties, legal costs and reputational risk that could materially and adversely impact our business and results of operations.

We operate in international markets which subject us to risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to such markets, which could adversely affect our business, financial condition and results of operations.

We provide services in various jurisdictions abroad through a number of brands and businesses that we own and operate, as well as through joint ventures, and we expect to continue to expand our international presence. We face, and expect to continue to face, additional risks in the case of our existing and future international operations, including:

• political instability, adverse changes in diplomatic relations and unfavorable economic and business conditions in the markets in which we currently have international operations or into which we may expand, particularly in the case of emerging markets;

• more restrictive or otherwise unfavorable government regulation of the live entertainment and ticketing industries, which could result in increased compliance costs and/or otherwise restrict the manner in which we provide services and the amount of related fees charged for such services;

• limitations on the enforcement of intellectual property rights;

• limitations on the ability of foreign subsidiaries to repatriate profits or otherwise remit earnings;

• adverse tax consequences due both to the complexity of operating across multiple tax regimes as well as changes in, or new interpretations of, international tax treaties and structures;

• expropriations of property and risks of renegotiation or modification of existing agreements with governmental authorities;

• diminished ability to legally enforce our contractual rights in foreign countries;

• limitations on technology infrastructure, which could limit our ability to migrate international operations to a common ticketing system;

• variability in venue security standards and accepted practices;

• lower levels of internet usage, credit card usage and consumer spending in comparison to those in the United States; and

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• difficulties in managing operations and adapting to consumer desires due to distance, language and cultural differences, including issues associated with (i) business practices and customs that are common in certain foreign countries but might be prohibited by United States law and our internal policies and procedures, and (ii) management and operational systems and infrastructures, including internal financial control and reporting systems and functions, staffing and managing of foreign operations, which we might not be able to do effectively or cost-efficiently.

As we expand into new markets these risks will be intensified and will have the potential to impact a greater percentage of our business and operating results. Our ability to expand our international operations into new jurisdictions, or further into existing jurisdictions will depend, in significant part, on our ability to identify potential acquisition candidates, joint venture or other partners, and enter into arrangements with these parties on favorable terms, as well as our ability to make continued investments to maintain and grow existing international operations. If the revenue generated by international operations is insufficient to offset expenses incurred in connection with the maintenance and growth of these operations, our business, financial condition and results of operations could be materially and adversely affected. In addition, in an effort to make international operations in one or more given jurisdictions profitable over the long term, significant additional investments that are not profitable over the short term could be required over a prolonged period.

In foreign countries in which we operate, a risk exists that our employees, contractors or agents could, in contravention of our policies, engage in business practices prohibited by applicable United States laws and regulations, such as the United States Foreign Corrupt Practices Act, as well as the laws and regulations of other countries prohibiting corrupt payments to government officials such as the United Kingdom Bribery Act 2010. We maintain policies prohibiting such business practices and have in place global anti-corruption compliance and training programs designed to ensure compliance with these laws and regulations. Nevertheless, the risk remains that one or more of our employees, contractors or agents, including those based in or from countries where practices that violate such United States laws and regulations or the laws and regulations of other countries may be customary, as well as those associated with newly-acquired businesses, will engage in business practices that are prohibited by our policies, circumvent our compliance programs and, by doing so, violate such laws and regulations. Any such violations, even if prohibited by our internal policies, could result in fines, criminal sanctions against us and/or our employees, prohibitions on the conduct of our business and damage to our reputation, which could adversely affect our business, financial condition and results of operations.

In addition, given our substantial operations in the United Kingdom (the “U.K.”) and the E.U., we face risks and uncertainties due to the recent referendum and approval by voters in the U.K. of an exit from the E.U., commonly referred to as “Brexit.” These risks and uncertainties include potential deterioration in the macroeconomic environment that could lead to less demand for concerts and other live entertainment in the U.K. and the E.U., potential legal and regulatory changes that could, among other things, impact the ease of movement between the U.K. and the E.U. for artists and touring personnel, and exchange rate risks such as the ten percent drop in the U.K. pound sterling against the U.S. dollar that occurred the day after the Brexit referendum, which resulted in higher artist fees in pound sterling terms (see the risk factor captioned “Exchange rates may cause fluctuations in our results of operations that are not related to our operations” below for more discussion of the impact of currency fluctuations on our business). While the full parameters and implications of Brexit are currently unknown, these and other factors, if realized, could adversely affect our business, financial condition and results of operations.

We are subject to extensive governmental regulation, and our failure to comply with these regulations could adversely affect our business, financial condition and results of operations.

Our operations are subject to federal, state and local statutes, rules, regulations, policies and procedures, both domestically and internationally, which are subject to change at any time, governing matters such as:

• privacy laws and protection of personal or sensitive information, as more particularly described above under the risk factor related to our processing, storage, use and disclosure of personal or sensitive information;

• compliance with the United States Foreign Corrupt Practices Act, the United Kingdom Bribery Act 2010 and similar regulations in other countries, as more particularly described above under the risk factor related to our international operations;

• primary ticketing and ticket resale services;

• construction, renovation and operation of our venues;

• licensing, permitting and zoning, including noise ordinances;

• human health, safety and sanitation requirements;

• the service of food and alcoholic beverages;

• working conditions, labor, minimum wage and hour, citizenship and employment laws;

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• compliance with the ADA and the DDA;

• hazardous and non-hazardous waste and other environmental protection laws;

• sales and other taxes and withholding of taxes;

• marketing activities via the telephone and online; and

• historic landmark rules.

Our failure to comply with these laws and regulations could result in proceedings/fines against us by governmental agencies and private actions brought by consumers, which if material, could adversely affect our business, financial condition and results of operations. While we attempt to conduct our business and operations in a manner that we believe to be in compliance with such laws and regulations, there can be no assurance that a law or regulation will not be interpreted or enforced in a manner contrary to our current understanding of the law or regulation. In addition, the promulgation of new laws, rules and regulations could restrict or unfavorably impact our business, which could decrease demand for services, reduce revenue, increase costs and/or subject us to additional liabilities. For example, some legislatures have proposed laws in the past that would impose potential liability on us and other promoters and producers of live music events for entertainment taxes and for incidents that occur at our events, particularly relating to drugs and alcohol. New legislation could be passed that may negatively impact our business, such as provisions that have recently been proposed in various jurisdictions that would restrict ticketing methods, mandate ticket inventory disclosure and attack current policies governing season tickets for sports teams. Additionally, governmental actions such as the current sanctions by the U.S. Department of the Treasury’s Office of Foreign Assets Control and European regulators on certain Russian individuals and entities, as well as other sanctions elsewhere in the world, could restrict or limit our business activities in certain areas or subject us to sanction for noncompliance, even if inadvertent.

From time to time, federal, state and local authorities and/or consumers commence investigations, inquiries or litigation with respect to our compliance with applicable consumer protection, advertising, unfair business practice, antitrust (and similar or related laws) and other laws. Our businesses have historically cooperated with authorities in connection with these investigations and have satisfactorily resolved each such material investigation, inquiry or litigation. We are currently subject to agreements with the States of New Jersey, Maryland and Illinois and the FTC which govern, and in certain cases place limitations on, our ticketing resale practices. Our competitors in the secondary ticket sales market are not, to our knowledge, bound by such limitations and as a result, we may be at a competitive disadvantage. Other states and Canadian provinces have commenced investigations or inquiries regarding the relationship between us and certain of our subsidiaries and other aspects of our ticketing business, including a recent suit brought by the Canadian Competition Bureau relating to alleged deceptive marketing practices. We have incurred significant legal expenses in connection with the defense of governmental investigations and litigation in the past and may be required to incur additional expenses in the future regarding such investigations and litigation. In the case of antitrust (and similar or related) matters, any adverse outcome could limit or prevent us from engaging in the ticketing business generally (or in a particular segment thereof) or subject us to potential damage assessments, all of which could have a material adverse effect on our business, financial condition and results of operations.

Unfavorable outcomes in legal proceedings may adversely affect our business and operating results.

Our results may be affected by the outcome of pending and future litigation. Unfavorable rulings in our legal proceedings may have a negative impact on us that may be greater or smaller depending on the nature of the rulings. In addition, we are currently, and from time to time in the future may be, subject to various other claims, investigations, legal and administrative cases and proceedings (whether civil or criminal) or lawsuits by governmental agencies or private parties, as further described in the immediately preceding risk factor. If the results of these investigations, proceedings or suits are unfavorable to us or if we are unable to successfully defend against third-party lawsuits, we may be required to pay monetary damages or may be subject to fines, penalties, injunctions or other censure that could have a material adverse effect on our business, financial condition and results of operations. Even if we adequately address the issues raised by an investigation or proceeding or successfully defend a third-party lawsuit or counterclaim, we may have to devote significant financial and management resources to address these issues, which could harm our business, financial condition and results of operations.

Our success depends, in significant part, on entertainment, sporting and leisure events and economic and other factors adversely affecting such events could have a material adverse effect on our business, financial condition and results of operations.

A decline in attendance at or reduction in the number of live entertainment, sporting and leisure events may have an adverse effect on our revenue and operating income. In addition, during periods of economic slowdown and recession, many consumers have historically reduced their discretionary spending and advertisers have reduced their advertising expenditures. The impact of economic slowdowns on our business is difficult to predict, but they may result in reductions in ticket sales, sponsorship opportunities and our ability to generate revenue. The risks associated with our businesses may become more acute in periods of a slowing economy or recession, which may be accompanied by a decrease in attendance at live entertainment,

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sporting and leisure events. Many of the factors affecting the number and availability of live entertainment, sporting and leisure events are beyond our control. For instance, certain sports leagues have experienced labor disputes leading to threatened or actual player lockouts. Any such lockouts that result in shortened or canceled seasons would adversely impact our business to the extent that we provide ticketing services to the affected teams both due to the loss of games and ticketing opportunities as well as the possibility of decreased attendance following such a lockout due to adverse fan reaction.

Our business depends on discretionary consumer and corporate spending. Many factors related to corporate spending and discretionary consumer spending, including economic conditions affecting disposable consumer income such as unemployment levels, fuel prices, interest rates, changes in tax rates and tax laws that impact companies or individuals, and inflation can significantly impact our operating results. Business conditions, as well as various industry conditions, including corporate marketing and promotional spending and interest levels, can also significantly impact our operating results. These factors can affect attendance at our events, premium seat sales, sponsorship, advertising and hospitality spending, concession and merchandise sales, as well as the financial results of sponsors of our venues, events and the industry. Negative factors such as challenging economic conditions and public concerns over terrorism and security incidents, particularly when combined, can impact corporate and consumer spending, and one negative factor can impact our results more than another. There can be no assurance that consumer and corporate spending will not be adversely impacted by current economic conditions, or by any future deterioration in economic conditions, thereby possibly impacting our operating results and growth.

Exchange rates may cause fluctuations in our results of operations that are not related to our operations.

Because we own assets overseas and derive revenue from our international operations, we may incur currency translation losses or gains due to changes in the values of foreign currencies relative to the United States Dollar. We cannot predict the effect of exchange rate fluctuations upon future operating results. For the year ended December 31, 2017, our international operations accounted for approximately 34% of our revenue. We cannot predict the future relationship between the United States Dollar and the currencies used by our international businesses, principally the British Pound, Euro, Australian Dollar and Canadian Dollar. We experienced foreign exchange rate operating income of $7.2 million and $2.1 million for the years ended December 31, 2017 and 2016, and foreign exchange rate operating losses of $24.5 million for the year ended December 31, 2015, which impacted our operating income. See Item 7A.—Quantitative and Qualitative Disclosures about Market Risk.

We may enter into future acquisitions and take certain actions in connection with such transactions, including actions taken to comply with antitrust, competition and other regulations, that could affect our business and results of operations; if we are unsuccessful in our future acquisition endeavors, our business could be adversely impacted.

Our future growth rate depends in part on our selective acquisition of additional businesses. A portion of our growth has been attributable to acquisitions. We may be unable to identify other suitable targets for further acquisition or make further acquisitions at favorable prices. If we identify a suitable acquisition candidate, our ability to successfully complete the acquisition would depend on a variety of factors, and may include our ability to obtain financing on acceptable terms and requisite government approvals. In addition, the credit agreement for our senior secured credit facility restricts our ability to make certain acquisitions. In connection with future acquisitions, we could take certain actions that could adversely affect our business, including:

• using a significant portion of our available cash;

• issuing equity securities, which would dilute current stockholders’ percentage ownership;

• incurring substantial debt;

• incurring or assuming contingent liabilities, known or unknown;

• incurring amortization expenses related to intangibles; and

• incurring large accounting write-offs or impairments.

In addition, acquisitions involve inherent risks which, if realized, could adversely affect our business and results of operations, including those associated with:

• integrating the operations, financial reporting, technologies and personnel of acquired companies, including establishing and maintaining a system of internal controls appropriate for a public company environment;

• managing geographically dispersed operations;

• the diversion of management’s attention from other business concerns;

• the inherent risks in entering markets or lines of business in which we have either limited or no direct experience; and

• the potential loss of key employees, customers and strategic partners of acquired companies.

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We are also subject to laws and regulations, including those relating to antitrust at the state, federal and international levels, that could significantly affect our ability to expand our business through acquisitions. For example, the FTC and the Antitrust Division of the United States Department of Justice with respect to our domestic acquisitions, and the European Commission (the antitrust regulator of the European Union) and the United Kingdom Competition Commission with respect to our European acquisitions, have the authority to challenge our acquisitions on antitrust grounds before or after the acquisitions are completed. Our failure or inability to complete future acquisitions as a result of such laws and regulations, or the imposition of unfavorable terms as a condition to the completion of an acquisition, could have a material adverse effect on our business and results of operations.

We are dependent upon our ability to lease, acquire and develop live music venues, and if we are unable to do so on acceptable terms, or at all, our results of operations could be adversely affected.

Our Concerts and Sponsorship & Advertising segments require access to venues to generate revenue from live music events. For these events, we use venues that we own, but we also operate a number of our live music venues under various agreements which include leases with third parties, ownership through an equity interest or booking agreements, which are agreements where we contract to book the events at a venue for a specific period of time. Our long-term success in the live music business will depend in part on the availability of venues, our ability to lease these venues and our ability to enter into booking agreements upon their expiration. As many of these agreements are with third parties over whom we have little or no control, we may be unable to renew these agreements or enter into new agreements on acceptable terms or at all, and may be unable to obtain favorable agreements with venues. Our ability to renew these agreements or obtain new agreements on favorable terms depends on a number of other factors, many of which are also beyond our control, such as national and local business conditions and competition from other promoters. If the cost of renewing these agreements is too high or the terms of any new agreement with a new venue are unacceptable or incompatible with our existing operations, we may decide to forego these opportunities. There can be no assurance that we will be able to renew these agreements on acceptable terms or at all, or that we will be able to obtain attractive agreements with substitute venues, which could have a material adverse effect on our results of operations.

We may continue to expand our operations through the development of live music venues and the expansion of existing live music venues, which poses a number of risks, including:

• construction of live music venues may result in cost overruns, delays or unanticipated expenses;

• desirable sites for live music venues may be unavailable or costly; and

• the attractiveness of our venue locations may deteriorate over time.

Growth or maintenance of our existing revenue depends in part on consistent investment in our venues. Therefore, we expect to continue to make substantial capital improvements to meet long-term increasing demand, improve value and grow revenue. We frequently have a number of significant capital projects underway. Numerous factors, many of which are beyond our control, may influence the ultimate costs and timing of various capital improvements.

The amount of capital expenditures can vary significantly from year to year. In addition, actual costs could vary materially from our estimates if our assumptions about the quality of materials, equipment or workmanship required or the cost of financing such expenditures were to change. Construction is also subject to governmental permitting processes which, if changed, could materially affect the ultimate cost.

Additionally, the market potential of live music venue sites cannot be precisely determined, and our live music venues may face competition in markets from unexpected sources. Newly constructed live music venues may not perform up to our expectations. We face significant competition for potential live music venue locations and for opportunities to acquire existing live music venues. Because of this competition, we may be unable to add to or maintain the number of our live music venues on terms we consider acceptable.

Our operations are seasonal and our results of operations vary from quarter to quarter and year over year, so our financial performance in certain financial quarters or years may not be indicative of, or comparable to, our financial performance in subsequent financial quarters or years.

We believe our financial results and cash needs will vary greatly from quarter to quarter and year to year depending on, among other things, the timing of tours, tour cancellations, event ticket on-sales, capital expenditures, seasonal and other fluctuations in our operating results, the timing of guaranteed payments and receipt of ticket sales and fees, financing activities, acquisitions and investments and receivables management. Because our results may vary significantly from quarter to quarter and year to year, our financial results for one quarter or year cannot necessarily be compared to another quarter or year and may not be indicative of our future financial performance in subsequent quarters or years. Typically, we experience our lowest financial performance in the first and fourth quarters of the calendar year as our outdoor venues are primarily used, and our festivals primarily occur, during May through October. In addition, the timing of tours of top grossing acts can impact

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comparability of quarterly results year over year and potentially annual results. The timing of event on-sales by our ticketing clients can also impact this comparability. In addition, the seasonality of our businesses could create cash flow management risks if we do not adequately anticipate and plan for periods of decreased activity, which could negatively impact our ability to execute on our strategy, which in turn could harm our results of operations.

The following table sets forth our operating income (loss) for the last eight fiscal quarters:

Fiscal Quarter Ended	Operating income (loss)
	(in thousands)
March 31, 2016	$	(33,290	)
June 30, 2016	$	74,159
September 30, 2016	$	191,286
December 31, 2016	$	(37,215	)
March 31, 2017	$	(21,366	)
June 30, 2017	$	113,433
September 30, 2017	$	201,347
December 31, 2017	$	(202,017	)

There is the risk of personal injuries and accidents in connection with our live music events, which could subject us to personal injury or other claims and increase our expenses, as well as reduce attendance at our live music events, causing a decrease in our revenue.

There are inherent risks involved with producing live music events. As a result, personal injuries and accidents have occurred, and may in the future occur, from time to time, which could subject us to claims and liabilities for personal injuries. Incidents in connection with our live music events at any of our venues or festival sites that we own or rent could also result in claims, reducing operating income or reducing attendance at our events, which could cause a decrease in our revenue. We have been subject to wrongful death claims and are currently subject to other litigation. In addition, while we have security protocols in place at our events, illegal drug use or alcohol consumption at our events could result in negative publicity, adverse consequences (including illness, injury or death) to the persons engaged in such activities or others, and litigation against us. While we maintain insurance policies that provide coverage within limits that are sufficient, in management’s judgment, to protect us from material financial loss for personal injuries sustained by persons at our venues or events or accidents in the ordinary course of business, there can be no assurance that such insurance will be adequate at all times and in all circumstances.

We may fail to adequately protect our intellectual property rights or may be accused of infringing upon intellectual property rights of third parties.

We regard our intellectual property rights, including patents, service marks, trademarks and domain names, copyrights, trade secrets and similar intellectual property (as applicable) as critical to our success. We also rely heavily upon software codes, informational databases and other components that make up our products and services.

We also have been granted patents and/or have patent applications pending with the United States Patent and Trademark Office and/or various foreign patent authorities for various proprietary technologies and other inventions.  Any patent application filed may not result in a patent being issued, or existing or future patents may not be adjudicated valid by a court or be afforded adequate protection against competitors with similar technology. Likewise, the issuance of a patent to us does not mean that its processes or inventions will not be found to infringe upon patents or other rights previously issued to third parties. We rely on a combination of laws and contractual restrictions with employees, customers, suppliers, affiliates and others to establish and protect these proprietary rights. Despite these precautions, it may be possible for a third party to copy or otherwise obtain and use our intellectual property without authorization which, if discovered, might require legal action to correct. In addition, third parties may independently and lawfully develop substantially similar intellectual properties. 

From time to time, we are subject to legal proceedings and claims in the ordinary course of business, including claims of alleged infringement of the intellectual property rights of third parties. Our failure to protect our intellectual property rights in a meaningful manner or challenges to related contractual rights could result in erosion of brand names or other intellectual property and could adversely affect our business, financial condition and results of operations. Therefore, litigation may be necessary in the future to enforce our intellectual property rights, protect trade secrets or determine the validity and scope of proprietary rights claimed by others. Any litigation of this nature, regardless of outcome or merit, could result in substantial costs and diversion of management and technical resources, any of which could adversely affect our business, financial condition and results of operations.

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Costs associated with, and our ability to obtain, adequate insurance could adversely affect our profitability and financial condition.

We currently secure insurance programs to address our various risks with terms, conditions and costs that are appropriate for our business. However, heightened concerns and challenges regarding property, casualty, liability, business interruption and other insurance coverage have resulted from terrorist and related security incidents along with varying weather-related conditions and incidents. As a result, we may experience increased difficulty obtaining high policy limits of coverage at a reasonable cost, including coverage for acts of terrorism, cyber attacks, weather-related damage and other perils associated with our operations. We have a material investment in property and equipment at each of our venues, which are generally located near major cities and which hold events typically attended by a large number of fans. We also have a significant investment in technology including our ticketing systems. At December 31, 2017, we had property and equipment with a net book value of $885.9 million.

Damage and/or disruption to operational, geographical and situational factors, among others, may result in significant increases in insurance premium costs and difficulties obtaining sufficiently high policy limits with premiums and deductibles that we believe to be reasonable. We cannot guarantee that future increases in insurance costs and difficulties obtaining high policy limits will not adversely impact our profitability, thereby possibly impacting our operating results and growth.

In addition, we enter into various agreements with artists from time to time, including long-term artist rights arrangements. The profitability of those arrangements depends upon those artists’ willingness and ability to continue performing, and we may not be able to obtain sufficient insurance coverage at a reasonable cost to adequately protect us against the death, disability or other failure of such artists to continue engaging in revenue-generating activities under those agreements.

We cannot provide assurance that our insurance policy coverage limits, including insurance coverage for property, casualty, liability, artists and business interruption losses and acts of terrorism, would be adequate under the circumstances should one or multiple events occur at or near any of our business locations, or that our insurers would have adequate financial resources to sufficiently or fully pay our related claims or damages. We cannot guarantee that adequate coverage limits will be available, offered at a reasonable cost, or offered by insurers with sufficient financial soundness. The occurrence of such an incident or incidents affecting any one or more of our business facilities could have a material adverse effect on our financial position and future results of operations if asset damage and/or company liability were to exceed insurance coverage limits or if an insurer were unable to sufficiently or fully pay our related claims or damages.

We depend upon unionized labor for the provision of some of our services and any work stoppages or labor disturbances could disrupt our business; potential union pension obligations could cause us to incur unplanned liabilities.

The stagehands at some of our venues and other employees are subject to collective bargaining agreements. Our union agreements typically have a term of three years and thus regularly expire and require negotiation in the ordinary course of our business. Upon the expiration of any of our collective bargaining agreements, however, we may be unable to negotiate new collective bargaining agreements on terms favorable to us, and our business operations may be interrupted as a result of labor disputes or difficulties and delays in the process of renegotiating our collective bargaining agreements. In addition, our business operations at one or more of our facilities may also be interrupted as a result of labor disputes by outside unions attempting to unionize a venue even though we do not have unionized labor at that venue currently. A work stoppage at one or more of our owned or operated venues or at our promoted events could have a material adverse effect on our business, financial condition and results of operations. We cannot predict the effect that a potential work stoppage would have on our business.

We participate in, and make recurrent contributions to, various multiemployer pension plans that cover many of our current and former union employees. Our required recurrent contributions to these plans could unexpectedly increase during the term of a collective bargaining agreement due to ERISA laws that require additional contributions to be made when a pension fund enters into critical status, which may occur for reasons that are beyond our control. In addition, we may be required by law to fulfill our pension withdrawal liability with respect to any multiemployer pension plans from which we may withdraw or partially withdraw. Our potential withdrawal liability will increase if a multiemployer pension plan in which we participate has significant underfunded liabilities. Any unplanned or greater than expected multiemployer pension liabilities could have a material adverse effect on our business, financial condition and results of operations.

Poor weather adversely affects attendance at our live music events, which could negatively impact our financial performance from period to period.

We promote and/or ticket many live music events. Weather conditions surrounding these events affect sales of tickets, concessions and merchandise, among other things. Poor weather conditions can have a material effect on our results of operations particularly because we promote and/or ticket a finite number of events. Due to weather conditions, we may be required to cancel or reschedule an event to another available day or a different venue, which would increase our costs for the

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event and could negatively impact the attendance at the event, as well as concession and merchandise sales. Poor weather can affect current periods as well as successive events in future periods.

Risks Relating to Our Leverage

We have a large amount of debt and lease obligations that could restrict our operations and impair our financial condition. The agreements governing our senior secured credit facility and certain of our other indebtedness impose restrictions on us that limit the discretion of management in operating our business and that, in turn, could impair our ability to meet our obligations under our debt.

The agreements governing our senior secured credit facility and certain of our other indebtedness include restrictive covenants that, among other things, restrict our ability to:

• incur additional debt;

• pay dividends and make distributions;

• make certain investments;

• repurchase our stock and prepay certain indebtedness;

• create liens;

• enter into transactions with affiliates;

• modify the nature of our business;

• enter into sale-leaseback transactions;

• transfer and sell material assets; and

• merge or consolidate.

In addition, our senior secured credit facility includes other restrictions, including requirements to maintain certain financial ratios. Our failure to comply with the terms and covenants of our indebtedness could lead to a default under the terms of the governing documents, which would entitle the lenders to accelerate the indebtedness and declare all amounts owed due and payable.

As of December 31, 2017, our total indebtedness, excluding unamortized debt discounts and debt issuance costs of $38.0 million was $2.3 billion. Our available borrowing capacity under the revolving portion of our senior secured credit facility at that date was $281.2 million, with outstanding letters of credit of $83.8 million. We may also incur significant additional indebtedness in the future.

Our substantial indebtedness could have adverse consequences, including:

• making it more difficult for us to satisfy our obligations;

• increasing our vulnerability to adverse economic, regulatory and industry conditions;

• limiting our ability to obtain additional financing for future working capital, capital expenditures, acquisitions and other purposes;

• requiring us to dedicate a substantial portion of our cash flow from operations to fund payments on our debt, thereby reducing funds available for operations and other purposes;

• limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;

• making us more vulnerable to increases in interest rates; and

• placing us at a competitive disadvantage compared to our competitors that have less debt.

To service our debt and lease obligations and to fund potential acquisitions, artist and ticketing advances and capital expenditures, we will require a significant amount of cash, which depends on many factors beyond our control.

As of December 31, 2017, $353.7 million of our total indebtedness (excluding interest and unamortized debt discount and debt issuance costs) is due in 2018, $113.9 million is due in the aggregate in 2019 and 2020, $374.6 million is due in the aggregate in 2021 and 2022 and $1.5 billion is due thereafter. In addition, as of December 31, 2017, we had $2.2 billion in operating lease commitments, of which $175.9 million is due in 2018 and $170.8 million is due in 2019. All long-term debt without a stated maturity date is considered current and is reflected here as due in 2018. See the table in Item 7.—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Contractual Obligations and Commitments—Firm Commitments.

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Our ability to service our debt and lease obligations and to fund potential acquisitions, artist and ticketing advances and capital expenditures will require a significant amount of cash, which depends on many factors beyond our control. Our ability to make payments on and to refinance our debt will also depend on our ability to generate cash in the future. This is, to an extent, subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control.

We cannot provide assurance that our business will generate sufficient cash flow or that future borrowings will be available to us in an amount sufficient to enable us to pay our debt or to fund our other liquidity needs. If our future cash flow from operations and other capital resources is insufficient to pay our obligations as they mature or to fund our liquidity needs, we may be forced to reduce or delay our business activities and capital expenditures, sell assets, obtain additional equity capital or restructure or refinance all or a portion of our debt on or before maturity. In addition, the terms of our existing debt, including our senior secured credit facility, and other future debt may limit our ability to pursue any of these alternatives.

These measures might also be unsuccessful or inadequate in permitting us to meet scheduled debt service or lease obligations. We may be unable to restructure or refinance our obligations and obtain additional debt or equity financing or sell assets on satisfactory terms or at all. Capital markets have been volatile in the recent past; a downturn could negatively impact our ability to access capital should the need arise. As a result, the inability to meet our debt or lease obligations could cause us to default on those obligations. Any such defaults could materially harm our financial condition and liquidity.

We depend on the cash flows of our subsidiaries in order to satisfy our obligations.

We rely on distributions and loans from our subsidiaries to meet our payment requirements under our obligations. If our subsidiaries are unable to pay dividends or otherwise make payments to us, we may not be able to make debt service payments on our obligations. We conduct substantially all of our operations through our subsidiaries. Our operating cash flows and consequently our ability to service our debt is therefore principally dependent upon our subsidiaries’ earnings and their distributions of those earnings to us and may also be dependent upon loans or other payments of funds to us by those subsidiaries. Our subsidiaries are separate legal entities and may have no obligation, contingent or otherwise, to pay any amount due pursuant to our obligations or to make any funds available for that purpose. Our foreign subsidiaries generate a portion of our operating cash flows. Although we do not intend to repatriate these funds from our foreign subsidiaries in order to satisfy payment requirements in the United States, we would be required to accrue and pay United States state income taxes as well as any applicable foreign withholding or transaction taxes on future repatriations. These taxes could be substantial and could have a material adverse effect on our financial condition and results of operations. In addition, the ability of our subsidiaries to provide funds to us may be subject to restrictions under our senior secured credit facility and may be subject to the terms of such subsidiaries’ future indebtedness, as well as the availability of sufficient surplus funds under applicable law.

Risks Relating to Our Common Stock

Our corporate governance documents, rights agreement and Delaware law may delay, deter or prevent an acquisition of us that stockholders may consider favorable, which could decrease the value of our common stock.

Our amended and restated certificate of incorporation and amended and restated bylaws and Delaware law contain provisions that could make it more difficult for a third party to acquire us without the consent of the board of directors. These provisions include supermajority voting requirements for stockholders to amend our organizational documents and to remove directors as well as limitations on action by our stockholders by written consent. In addition, the board of directors has the right to issue preferred stock without stockholder approval, which could be used to dilute the stock ownership of a potential hostile acquirer. Delaware law, for instance, also imposes some restrictions on mergers and other business combinations between any holder of 15% or more of our outstanding common stock and us. Although we believe these provisions protect our stockholders from coercive or otherwise unfair takeover tactics and thereby provide for an opportunity to receive a higher bid by requiring potential acquirers to negotiate with the board of directors, these provisions apply even if the offer may be considered beneficial by some stockholders.

We have also adopted a stockholder rights plan intended to deter hostile or coercive attempts to acquire us. Under the plan, if any person or group acquires, or begins a tender or exchange offer that could result in such person acquiring, 15% or more of our common stock, and in the case of certain Schedule 13G filers, 20% or more of our common stock, and in the case of Liberty Media and certain of its affiliates, more than 35% of our common stock, without approval of the board of directors under specified circumstances, our other stockholders have the right to purchase shares of our common stock, or shares of the acquiring company, at a substantial discount to the public market price. Therefore, the plan makes an acquisition much more costly to a potential acquirer.

In addition, the terms of our senior secured credit facility provide that the lenders can require us to repay all outstanding indebtedness upon a change of control. These provisions make an acquisition more costly to a potential acquirer. See Item 7.— Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.

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We have no plans to pay dividends on our common stock, which could affect its market price.

We currently intend to retain any future earnings to finance the growth, development and expansion of our business and/or to repay existing indebtedness. Accordingly, we do not intend to declare or pay any dividends on our common stock for the foreseeable future. The declaration, payment and amount of future dividends, if any, will be at the sole discretion of the board of directors after taking into account various factors, including our financial condition, results of operations, cash flow from operations, current and anticipated capital requirements and expansion plans, the income tax laws then in effect and the requirements of Delaware law. In addition, the agreement governing our senior secured credit facility includes restrictions on our ability to pay cash dividends without meeting certain financial ratios and obtaining the consent of the lenders. Accordingly, holders of common stock will not receive cash payments on their investment and the market price may be adversely affected.

Conversion of our convertible notes may dilute the ownership interest of existing stockholders and may affect our per share results and the trading price of our common stock.

The issuance of shares of our common stock upon conversion of our convertible notes may dilute the ownership interests of existing stockholders. Issuances of stock on conversion may also affect our per share results of operations. Any sales in the public market of our common stock issuable upon such conversion could adversely affect prevailing market prices of our common stock.

We can issue preferred stock without stockholder approval, which could materially adversely affect the rights of common stockholders.

Our certificate of incorporation authorizes us to issue “blank check” preferred stock, the designation, number, voting powers, preferences and rights of which may be fixed or altered from time to time by the board of directors. Our subsidiaries may also issue additional shares of preferred stock. Accordingly, the board of directors has the authority, without stockholder approval, to issue preferred stock with rights that could materially adversely affect the voting power or other rights of the common stockholders or the market value of the common stock.

ITEM  1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2.PROPERTIES

As of December 31, 2017, we own, operate or lease 115 entertainment venues and 140 other facilities, including office leases, throughout North America and 35 entertainment venues and 118 other facilities internationally. We believe our venues and facilities are generally well-maintained and in good operating condition and have adequate capacity to meet our current business needs. We have a lease ending June 30, 2020 for our corporate headquarters in Beverly Hills, California, used primarily by our executive group and certain of our domestic operations management staff.

Our leases are for varying terms ranging from monthly to multi-year. These leases can typically be for terms of three to five years for our office leases and 10 to 20 years for our venue leases, and many include renewal options. There is no significant concentration of venues under any one lease or subject to negotiation with any one landlord. We believe that an important part of our management activity is to negotiate suitable lease renewals and extensions.

ITEM 3. LEGAL PROCEEDINGS

Information regarding our legal proceedings can be found in Part II—Financial Information—Item 8. Financial Statements and Supplementary Data—Note 6—Commitments and Contingent Liabilities.

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PART II—FINANCIAL INFORMATION

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Our common stock was listed on the New York Stock Exchange under the symbol “LYV” beginning on December 21, 2005. There were 3,608 stockholders of record as of February 20, 2018. This figure does not include an estimate of the indeterminate number of beneficial holders whose shares may be held of record by brokerage firms and clearing agencies. The following table presents the high and low sales prices of our common stock on the New York Stock Exchange during the calendar quarter indicated.

	Common Stock Market Price
	High		Low
2016
First Quarter	$	24.27	$	18.77
Second Quarter	$	24.84	$	21.00
Third Quarter	$	28.10	$	23.01
Fourth Quarter	$	29.04	$	26.41
2017
First Quarter	$	30.79	$	26.86
Second Quarter	$	36.44	$	30.48
Third Quarter	$	43.86	$	33.84
Fourth Quarter	$	46.99	$	40.77

Dividend Policy

From inception and through December 31, 2017, we have not declared or paid any dividends. We presently intend to retain any future earnings to finance the expansion of our business and to make debt repayments as they become due. Therefore, we do not expect to pay any cash dividends in the foreseeable future. Moreover, the terms of our senior secured credit facility limit the amount of funds that we will have available to declare and distribute as dividends on our common stock. Payment of future cash dividends, if any, will be at the discretion of our board of directors in accordance with applicable laws after taking into account various factors, including our financial condition, operating results, current and anticipated cash needs, plans for expansion and contractual restrictions with respect to the payment of dividends.

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ITEM 6. SELECTED FINANCIAL DATA

The Selected Financial Data should be read in conjunction with Item 7.—Management’s Discussion and Analysis of Financial Condition and Results of Operations.

	Year Ended December 31,
	2017			2016			2015			2014			2013
	(in thousands except per share data)
Results of Operations Data (1):
Revenue	$	10,337,448		$	8,354,934		$	7,245,731		$	6,866,964		$	6,478,547
Operating income (2)	$	91,397		$	194,940		$	131,372		$	7,164		$	139,660
Income (loss) before income taxes (2)	$	(9,380	)	$	48,326		$	6,353		$	(99,820	)	$	(5,137	)
Net income (loss) attributable to common stockholders of Live Nation (3)	$	(6,015	)	$	2,942		$	(32,508	)	$	(90,807	)	$	(43,378	)
Basic and diluted net loss per common share available to common stockholders of Live Nation (4)	$	(0.48	)	$	(0.23	)	$	(0.33	)	$	(0.49	)	$	(0.23	)
Cash dividends per share	$	—		$	—		$	—		$	—		$	—

	As of December 31,
	2017		2016		2015		2014		2013
	(in thousands)
Balance Sheet Data (1):
Total assets	$	7,504,263	$	6,764,266	$	6,156,241	$	5,968,361	$	5,668,360
Long-term debt, net (including current maturities)	$	2,299,959	$	2,313,053	$	2,045,014	$	2,043,400	$	1,793,726

_________

(1)	Acquisitions and dispositions along with changes in foreign exchange rates can significantly impact the comparability of the historical consolidated financial data reflected in this schedule of Selected Financial Data.
(2)	The year ended December 31, 2017 includes the accrual of a $110.0 million legal settlement entered into in January 2018. See Item 8. Financial Statements and Supplementary Data—Note 6—Commitments and Contingent Liabilities for further discussion. In addition, the years ended December 31, 2017 and 2014, include $20.0 million and $135.0 million, respectively, of goodwill impairments recorded in conjunction with our annual impairment tests.
(3)	The year ended December 31, 2017 includes the accrual of a $110.0 million legal settlement entered into in January 2018, and a $55.7 million income tax benefit from the 2017 tax reform. See Item 8. Financial Statements and Supplementary Data—Note 8—Income Taxes for further discussion of the 2017 tax reform change. In addition, the years ended December 31, 2017 and 2014, include $20.0 million and $97.4 million, respectively, of goodwill impairments, net of the noncontrolling interests share of the 2014 impairments, recorded in conjunction with our annual impairment tests.
(4)	The year ended December 31, 2017 includes a loss of $0.36 per common share from the impact of the legal settlement and goodwill impairment offset by the tax benefit from the 2017 tax reform. The year ended December 31, 2014 includes a loss of $0.48 per common share from the impact of the goodwill impairments.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion of our financial condition and results of operations together with the audited consolidated financial statements and notes to the financial statements included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed under Item 1A.—Risk Factors and other sections in this Annual Report.

Executive Overview

Live Nation had a very strong year in 2017, marked by growing global fan demand for live experiences. We continued to focus on elevating those experiences through our Concerts, Sponsorship & Advertising and Ticketing businesses to maximize benefits to the fans, to the many artists and teams with whom we work, and to our stockholders. We entered new markets

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during the year and introduced new ticketing products that we believe will reap rewards for years to come. Despite a competitive technological landscape that evolved more rapidly than ever, we achieved record levels in our key financial and operational metrics. Our total revenue for the year was $10.3 billion, making this our twelfth consecutive year of revenue growth and giving us, once again, our highest revenue year ever. Our Concerts, Sponsorship & Advertising and Ticketing segments all reported double-digit revenue growth as a result of both record attendance at our concerts and record ticket sales in our ticketing business. Our focus on amplifying and growing our concert flywheel continues to deliver benefits; the unique power of the live concert experience enables fans around the world to connect with artists and each other and provides us the platform to do the same. Our overall revenue in 2017 increased by $2.0 billion on a reported and constant currency basis as compared to last year, a 23% increase without the impact of changes in foreign exchange rates. The increase was largely driven by growth in our Concerts segment with an increase in the number of events, fans, and the revenue we are generating onsite at the events. Ticketing increased as well, with strong growth in concert event sales both in North America and our international markets as well as the continued expansion of our resale business. Sponsorship & Advertising again delivered strong growth over 2016 due to a number of new strategic multi-year deals and market expansion in Europe. Our operating results declined this year, due to a $110.0 million legal accrual to resolve a dispute that had been ongoing for two years and we are pleased to have the matter resolved. As the leading global live event and ticketing company, we believe that we are well-positioned to provide the best service to artists, teams, fans and venues and therefore drive growth across all our businesses. We believe that by leveraging our leadership position in the entertainment industry to reach fans through the live concert experience, we will sell more tickets and uniquely engage more advertising partners. By advancing innovation in ticketing technology, we will continue to improve the fan experience by offering increased and more diversified secure choices in an expanded ticketing marketplace. This gives us a compelling opportunity to grow our fan base and our results.

Our Concerts segment was the largest contributor to our overall revenue growth, with an increase of $1.6 billion on a reported and constant currency basis as compared to last year, a 25% increase without the impact of changes in foreign exchange rates. This higher revenue was partially due to additional arena shows in the United States, stadium events internationally, and growth in our theater and club business worldwide. Some of the biggest tours in 2017 featured U2, Coldplay, Guns N’ Roses, Depeche Mode and Bruno Mars. Overall, Concert attendance grew by nearly 15 million to nearly 86 million fans, a record for the company, and an increase of 21% over 2016. We continued to expand our global festival portfolio in 2017, adding brands like BottleRock to our leading roster and growing total festival attendance by 14%. Nearly 16 million fans attended our amphitheater shows throughout the year, with Florida Georgia Line, Future, Luke Bryan, and Zac Brown all playing to sold out audiences over the summer. The growth of our amphitheater onsite business continued in 2017, particularly with our enhanced beer and wine programs, expansion of our specialty spirits points of sale, and introduction of unique branded food concepts. These programs helped grow our ancillary revenue per fan by 9% in 2017. As pointed out in the third quarter of 2017, another one of our ongoing priorities is to grow our ticket revenue by optimizing ticket pricing. We saw success in this area in the United States, improving the price on our best available seats in the amphitheaters and expanding our premium ticket offerings. In our international business, our promotions business in Germany continued its strong growth, doubling its number of fans to over 1.6 million. Our concert teams abroad also made progress on our ticket pricing initiative, broadening our platinum and VIP pricing programs in both the United Kingdom and mainland Europe. Our Concerts operating results for the year improved over 2016 largely due to the impact of these business improvements and strategic initiatives mentioned above. We will continue to look for expansion opportunities, both domestically and internationally, as well as ways to market our events more effectively, in order to continue to expand our fan base and geographic reach and to sell more tickets and onsite products.

Our Sponsorship & Advertising segment revenue for the year was up $67.5 million on a reported basis as compared to last year, or $66.4 million, an 18% increase, without the impact of changes in foreign exchange rates. Higher revenue resulted from new clients and increased international sponsorship resulting from the opening of the Royal Arena in Copenhagen, the expansion of our Germany business, and the acquisition of prominent festivals in Sweden and Australia. In 2017, we continued to build new venue products across our portfolio in the United States, as well as new festival products. We also saw growth through category expansion. These efforts resulted in growth in the number of strategic brand relationships and our revenue from those clients, both of which increased by double-digits over 2016. We continue to make progress on festival apps, expanding ad units, and geo-fencing products to drive our online business. Sponsorship & Advertising operating income for the year improved by 10% on a reported basis, which was driven by higher revenue, partially offset by continued investment in our sales team’s personnel and expertise. We believe that our extensive onsite and online reach, global venue distribution network, artist relationships, ticketing operations and live entertainment content are the keys to securing long-term sponsorship agreements with major brands, and we plan to expand these assets while extending further into new markets internationally.

Our Ticketing segment revenue for the year increased by $315.9 million on a reported basis as compared to last year, or $311.9 million, a 17% increase, without the impact of changes in foreign exchange rates. This increase was largely due to a 10% growth in fee-bearing ticket sales globally to over 205 million tickets in 2017, largely driven by increased sales for concert events. The rollout of our integrated ticketing platform continues to be a success story and that, along with improvements to both our fan-focused website and our mobile sales platform, drove conversion increases each quarter in 2017 as compared to

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the prior year. We also notably launched our Verified Fan product in 2017, which ensures that more tickets get into the hands of bona fide fans, and we are very encouraged by the progress so far, selling nearly 3 million tickets during the year. On the mobile front, 33% of our total tickets were sold via mobile and tablet devices compared to 27% in 2016. Our total mobile ticket sales increased by 35% year-over-year. As mentioned previously, operating results for Ticketing were down this year due to a $110.0 million accrual to settle a legal dispute, although operationally, they delivered strong growth. We will continue to implement new features to drive further expansion of mobile ticket transactions and invest in initiatives aimed at improving the ticket search, purchase and transfer process. As a result, we expect to continue to attract more ticket buyers and enhance the overall fan and venue/artist client experience.

Segment Overview

Our reportable segments are Concerts, Sponsorship & Advertising and Ticketing. Prior to 2017, we reported an Artist Nation segment, which is now included in our Concerts segment. See—Part II—Financial Information—Item 8. Financial Statements and Supplementary Data—Note 12—Segment Data for further discussion of the segment change.

Concerts

Our Concerts segment principally involves the global promotion of live music events in our owned or operated venues and in rented third-party venues, the operation and management of music venues, the production of music festivals across the world, the creation of associated content and the provision of management and other services to artists. While our Concerts segment operates year-round, we experience higher revenue during the second and third quarters due to the seasonal nature of shows at our outdoor amphitheaters and festivals, which primarily occur from May through October. Revenue and related costs for events are generally deferred and recognized when the event occurs. All advertising costs incurred during the year for shows in future years are expensed at the end of the year.

Concerts direct operating expenses include artist fees, event production costs, show-related marketing and advertising expenses, along with other costs.

To judge the health of our Concerts segment, we primarily monitor the number of confirmed events and fan attendance in our network of owned or operated and third-party venues, talent fees, average paid attendance, market ticket pricing, advance ticket sales and number of major artist clients under management. In addition, at our owned or operated venues and festivals, we monitor ancillary revenue per fan and premium ticket sales. For business that is conducted in foreign markets, we also compare the operating results from our foreign operations to prior periods without the impact of changes in foreign exchange rates.

Sponsorship & Advertising

Our Sponsorship & Advertising segment employs a sales force that creates and maintains relationships with sponsors through a combination of strategic, international, national and local opportunities that allow businesses to reach customers through our concerts, venue, artist relationship and ticketing assets, including advertising on our websites. We drive increased advertising scale to further monetize our concerts platform through rich media offerings including advertising associated with live streaming and music-related content. We work with our corporate clients to help create marketing programs that drive their business goals and connect their brands directly with fans and artists. We also develop, book and produce custom events or programs for our clients’ specific brands which are typically experienced exclusively by the clients’ consumers. These custom events can involve live music events with talent and media, using both online and traditional outlets. We typically experience higher revenue in the second and third quarters, as a large portion of sponsorships are associated with shows at our outdoor amphitheaters and festivals, which primarily occur from May through October.

To judge the health of our Sponsorship & Advertising segment, we primarily review the revenue generated through sponsorship arrangements and online advertising revenue, and the percentage of expected revenue under contract. For business that is conducted in foreign markets, we also compare the operating results from our foreign operations to prior periods without the impact of changes in foreign exchange rates.

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Ticketing

Our Ticketing segment is primarily an agency business that sells tickets for events on behalf of its clients and retains a portion of the service charges as our fee. Gross transaction value (“GTV”) represents the total amount of the transaction related to a ticket sale and includes the face value of the ticket as well as the service charge. Service charges are generally based on a percentage of the face value or a fixed fee. We sell tickets through websites, mobile apps, ticket outlets and telephone call centers. Our ticketing sales are impacted by fluctuations in the availability of events for sale to the public, which may vary depending upon scheduling by our clients. We also offer ticket resale services, sometimes referred to as secondary ticketing, principally through our integrated inventory platform, league/team platforms and other platforms internationally. Our Ticketing segment manages our online activities including enhancements to our ticketing websites and product offerings. Through our websites, we sell tickets to our own events as well as tickets for our clients and provide event information. Revenue related to ticketing service charges is recognized when the ticket is sold for our outside clients. For our own events, where our concert promoters control ticketing, revenue is deferred and recognized as the event occurs.

To judge the health of our Ticketing segment, we primarily review the GTV and the number of tickets sold through our primary and secondary ticketing operations, the number of clients renewed or added and the average royalty rate paid to clients who use our ticketing services. In addition, we review the number of visits to our websites, the purchase conversion rate, the overall number of customers in our database, the number and percentage of tickets sold via mobile and the number of app installs. For business that is conducted in foreign markets, we also compare the operating results from our foreign operations to prior periods without the impact of changes in foreign exchange rates.

Key Operating Metrics

	Year Ended December 31,
	2017	2016	2015
	(in thousands except estimated events)
Concerts (1)
Estimated events:
North America	19,933	17,554	16,846
International	9,643	8,708	8,665
Total estimated events	29,576	26,262	25,511
Estimated fans:
North America	54,868	48,611	43,622
International	31,038	22,330	19,704
Total estimated fans	85,906	70,941	63,326
Ticketing(2)
Number of fee-bearing tickets sold	205,704	187,094	175,334
Number of non-fee-bearing tickets sold	292,242	297,766	297,087
Total tickets sold	497,946	484,860	472,421

 _________

⁽¹⁾  Events generally represent a single performance by an artist. Fans generally represent the number of people who attend an event. Festivals are counted as one event in the quarter in which the festival begins, but the number of fans is based on the days the fans were present at the festival and thus can be reported across multiple quarters. Events and fan attendance metrics are estimated each quarter.

⁽²⁾  The number of fee-bearing tickets sold includes primary and secondary tickets that are sold using our Ticketmaster systems or that we issue through affiliates. This metric includes primary tickets sold during the year regardless of event timing, except for our own events where our concert promoters control ticketing and which are reported as the events occur. The non-fee-bearing tickets sold reported above includes primary tickets sold using our Ticketmaster systems, through season seat packages and our venue clients’ box offices, along with tickets sold on our ‘do it yourself’ platform.

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Non-GAAP Measures

Reconciliation of Adjusted Operating Income (Loss)

AOI is a non-GAAP financial measure that we define as operating income (loss) before acquisition expenses (including transaction costs, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation), depreciation and amortization (including goodwill impairment), loss (gain) on disposal of operating assets and certain stock-based compensation expense. We use AOI to evaluate the performance of our operating segments. We believe that information about AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies.

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The following table sets forth the reconciliation of AOI to operating income (loss):

	Operating income (loss)			Stock- based compensation expense		Loss (gain) on disposal of operating assets			Depreciation and amortization			Acquisition expenses			AOI
						(in thousands)
2017
Concerts	$	(93,589	)	$	18,872	$	(1,056	)	$	226,315		$	34,461		$	185,003
Sponsorship & Advertising	251,486			1,375		—			27,669			—			280,530
Ticketing	90,905			4,117		49			200,777			2,011			297,859
Other and Eliminations	(17,338		)	—		—			(4,284		)	—			(21,622		)
Corporate	(140,067		)	18,391		38			5,057			(47		)	(116,628		)
Total	$	91,397		$	42,755	$	(969	)	$	455,534		$	36,425		$	625,142
2016
Concerts	$	(63,290	)	$	10,459	$	(61	)	$	194,715		$	7,315		$	149,138
Sponsorship & Advertising	228,105			1,295		—			18,206			—			247,606
Ticketing	174,491			3,699		68			185,925			1,095			365,278
Other and Eliminations	(14,675		)	234		—			372			207			(13,862		)
Corporate	(129,691		)	17,036		117			4,433			85			(108,020		)
Total	$	194,940		$	32,723	$	124		$	403,651		$	8,702		$	640,140
2015
Concerts	$	(133,488	)	$	11,946	$	645		$	201,775		$	13,867		$	94,745
Sponsorship & Advertising	218,353			1,574		—			9,932			—			229,859
Ticketing	158,229			2,860		26			184,129			1,219			346,463
Other and Eliminations	(113		)	—		—			(2,085		)	—			(2,198		)
Corporate	(111,609		)	16,981		174			3,490			151			(90,813		)
Total	$	131,372		$	33,361	$	845		$	397,241		$	15,237		$	578,056

AOI Margin

AOI margin is a non-GAAP financial measure that we calculate by dividing AOI by revenue. We use AOI margin to evaluate the performance of our operating segments. We believe that information about AOI margin assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. AOI margin is not calculated or presented in accordance with GAAP. A limitation of the use of AOI margin as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI margin should be considered in addition to, and not as a substitute for, operating income (loss) margin, net income (loss) margin, and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI margin as presented herein may not be comparable to similarly titled measures of other companies.

Constant Currency

Constant currency is a non-GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period’s currency exchange rates and the comparable prior period’s currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.

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Segment Operating Results

Concerts

Our Concerts segment operating results were, and discussions of significant variances are, as follows:

	Year Ended December 31,									% Change 2017 vs 2016	% Change 2016 vs 2015
	2017			2016			2015
	(in thousands)
Revenue	$	7,892,076		$	6,283,521		$	5,382,965		26%	17%
Direct operating expenses	6,641,071			5,202,097			4,450,517			28%	17%
Selling, general and administrative expenses	1,119,335			950,060			863,516			18%	10%
Depreciation and amortization	206,315			194,715			201,775			16%	(3)%
Goodwill impairment	20,000			—			—			*	*
Loss (gain) on disposal of operating assets	(1,056		)	(61		)	645			*	*
Operating loss	$	(93,589	)	$	(63,290	)	$	(133,488	)	(48)%	53%
Operating margin	(1.2		)%	(1.0		)%	(2.5		)%
AOI **	$	185,003		$	149,138		$	94,745		24%	57%
AOI margin	2.3		%	2.4		%	1.8		%

_______

*	Percentages are not meaningful.
**	AOI is defined and reconciled to operating income (loss) above.

2017 Compared to 2016

Revenue

Concerts revenue increased$1.6 billion during the year ended December 31, 2017 as compared to the prior year. Excluding the increase of $23.0 million related to currency impacts, revenue still increased$1.6 billion, or 25%, primarily due to more shows and higher average attendance in our arenas, stadiums and theaters and clubs globally and increased festival activity in Europe driven by the addition of new festivals. Concerts had incremental revenue of $210.2 million primarily from the acquisitions of concert and festival promotion businesses.

Operating results

The reduced operating results for Concerts for the year ended December 31, 2017 were primarily driven by a $20.0 million goodwill impairment related to our artist services (non-management) business, higher compensation costs associated with salary increases and headcount growth, including recent acquisitions, startup costs for new venues we are now operating and changes in the fair value of contingent consideration. The goodwill impairment was recorded in the fourth quarter of 2017 in connection with our annual impairment test discussed in “—Critical Accounting Policies—Goodwill.” These impacts were partially offset by strong operating results for our events noted above, increased ancillary revenue per fan at our amphitheaters and higher commissions in the management business.

2016 Compared to 2015

Revenue

Concerts revenue increased $900.6 million during the year ended December 31, 2016 as compared to the prior year. Excluding the decrease of $92.7 million related to currency impacts, revenue increased $993.3 million, or 18%, primarily due to more shows and higher average ticket prices in our worldwide stadium, arena and theater and club events and our North America amphitheaters, increased festival activity globally and higher VIP package sales. Additionally, ancillary onsite revenue for our North America amphitheaters increased due to higher attendance and enhanced concession offerings. Concerts had incremental revenue of $219.9 million from the acquisitions of various concert and festival promotion businesses.

Operating results

The improved operating results for Concerts for the year ended December 31, 2016 were primarily driven by strong operating results for our worldwide stadium events and North America amphitheaters and festivals partially offset by higher compensation costs associated with annual salary increases and incentive compensation as a result of the increased operating results, and loss of certain rent credits received in 2015.

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Sponsorship & Advertising

Our Sponsorship & Advertising segment operating results were, and discussions of significant variances are, as follows:

	Year Ended December 31,									% Change 2017 vs 2016	% Change 2016 vs 2015
	2017			2016			2015
	(in thousands)
Revenue	$	445,148		$	377,618		$	333,726		18%	13%
Direct operating expenses	78,725			60,218			47,760			31%	26%
Selling, general and administrative expenses	87,268			71,089			57,681			23%	23%
Depreciation and amortization	27,669			18,206			9,932			52%	83%
Operating income	$	251,486		$	228,105		$	218,353		10%	4%
Operating margin	56.5		%	60.4		%	65.4		%
AOI **	$	280,530		$	247,606		$	229,859		13%	8%
AOI margin	63.0		%	65.6		%	68.9		%

_______

** AOI is defined and reconciled to operating income (loss) above.

2017 Compared to 2016

Revenue

Sponsorship & Advertising revenue increased$67.5 million during the year ended December 31, 2017 as compared to the prior year. Excluding the increase of $1.1 million related to currency impacts, revenue increased$66.4 million, or 18%, primarily due to new sponsorship programs globally, higher online advertising in North America and incremental revenue of $22.1 million from the acquisitions of a sponsorship agency and festival promotion businesses.

Operating results

The increased operating income for the year ended December 31, 2017 was primarily driven by new sponsorship programs, net of higher fulfillment costs, increased online sponsorship activity and lower reserves for bad debt partially offset by increased compensation costs associated with higher headcount and incremental amortization of $5.6 million from the acquisitions noted above.

2016 Compared to 2015

Revenue

Sponsorship & Advertising revenue increased $43.9 million during the year ended December 31, 2016 as compared to the prior year. Excluding the decrease of $6.8 million related to currency impacts, revenue increased $50.7 million, or 15%, primarily due to new sponsorship programs, higher online advertising and festival activity in North America along with incremental revenue of $9.3 million from the acquisitions of various festival promotion businesses.

Operating results

The increased operating income for the year ended December 31, 2016 was primarily driven by higher North America sponsorship and festival operating results partially offset by incremental amortization of $9.5 million from the acquisitions noted above, higher reserves for bad debt, increased compensation costs and currency impacts.

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Ticketing

Our Ticketing segment operating results were, and discussions of significant variances are, as follows:

	Year Ended December 31,									% Change 2017 vs 2016	% Change 2016 vs 2015
	2017			2016			2015
	(in thousands)
Revenue	$	2,143,800		$	1,827,930		$	1,639,564		17%	11%
Direct operating expenses	1,170,121			956,956			808,697			22%	18%
Selling, general and administrative expenses	681,948			510,490			488,483			34%	5%
Depreciation and amortization	200,777			185,925			184,129			8%	1%
Loss on disposal of operating assets	49			68			26			*	*
Operating income	$	90,905		$	174,491		$	158,229		(48)%	10%
Operating margin	4.2		%	9.5		%	9.7		%
AOI **	$	297,859		$	365,278		$	346,463		(18)%	5%
AOI margin	13.9		%	20.0		%	21.1		%

_________________

*	Percentages are not meaningful.
**	AOI is defined and reconciled to operating income (loss) above.

2017 Compared to 2016

Revenue

Ticketing revenue increased$315.9 million during the year ended December 31, 2017 as compared to the prior year. Excluding the increase of $4.0 million related to currency impacts, revenue increased$311.9 million, or 17%, primarily due to increased global primary ticket volume and higher associated ticket fees, driven by concert events, along with higher North America resale volume driven by concert and theatrical events.

Operating results

Ticketing operating income decreased for the year ended December 31, 2017 primarily due to a $110.0 million accrual for a legal settlement entered into in January 2018 and increased compensation costs associated with higher headcount partially offset by improved operating results from higher primary and resale ticket sales. See —Item 8. Financial Statements and Supplementary Data—Note 6—Commitments and Contingent Liabilities for further discussion of the legal settlement.

2016 Compared to 2015

Revenue

Ticketing revenue increased $188.4 million during the year ended December 31, 2016 as compared to the prior year. Excluding the decrease of $23.6 million related to currency impacts, revenue increased $212.0 million, or 13%, primarily due to increased worldwide primary ticket volume and fees, higher North America resale ticket volume and incremental revenue of $10.4 million from the acquisitions of various ticketing businesses.

Operating results

Ticketing operating income increased for the year ended December 31, 2016 primarily due to increased operating results from higher primary and North America resale ticket sales, net of the impact of royalty fees and other costs, partially offset by increased compensation costs driven by higher headcount.

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Consolidated Results of Operations

	Year Ended December 31,															% Change 2017 vs 2016			% Change 2016 vs 2015
	2017									2016			2015
	As Reported			Currency Impacts			Constant Currency**			As Reported			As Reported			As Reported	Constant Currency		As Reported
	(in thousands)
Revenue	$	10,337,448		$	(28,096	)	$	10,309,352		$	8,354,934		$	7,245,731		24%	23%		15%
Operating expenses:
Direct operating expenses	7,748,791			(20,932		)	7,727,859			6,082,708			5,196,473			27%	27%		17%
Selling, general and administrative expenses	1,907,723			(723		)	1,907,000			1,548,450			1,411,855			23%	23%		10%
Depreciation and amortization	455,534			797			456,331			403,651			397,241			13%	13%		2%
Loss (gain) on disposal of operating assets	(969		)	17			(952		)	124			845			*	*		*
Corporate expenses	134,972			14			134,986			125,061			107,945			8%	8%		16%
Operating income	91,397			$	(7,269	)	$	84,128		194,940			131,372			(53)%	(57	)%	48%
Operating margin	0.9		%				0.8		%	2.3		%	1.8		%
Interest expense	106,722									106,506			102,881
Loss on extinguishment of debt	1,048									14,049			—
Interest income	(5,717		)							(2,573		)	(3,528		)
Equity in losses (earnings) of nonconsolidated affiliates	(1,161		)							17,802			(1,502		)
Other expense (income), net	(115		)							10,830			27,168
Income before income taxes	(9,380		)							48,326			6,353
Income tax expense (benefit)	(17,154		)							28,029			22,122
Net income (loss)	7,774									20,297			(15,769		)
Net income attributable to noncontrolling interests	13,789									17,355			16,739
Net income (loss) attributable to common stockholders of Live Nation	$	(6,015	)							$	2,942		$	(32,508	)

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	Year Ended December 31,						% Change 2017 vs 2016		% Change 2016 vs 2015
	2017		2016		2015
	(in thousands)
Depreciation	$	149,634	$	139,288	$	134,148	7	%	4	%
Amortization of intangibles	202,566		178,130		173,959		14	%	2	%
Amortization of nonrecoupable ticketing contract advances ***	83,334		85,067		86,550		(2	)%	(2	)%
Goodwill impairment	20,000		—		—		*		*
Amortization of other assets	—		1,166		2,584		(100	)%	(55	)%
Depreciation and amortization	$	455,534	$	403,651	$	397,241

________

*	Percentages are not meaningful.
**	See “—Non-GAAP Measures” above for definition of constant currency.
***	In accounting for the merger between Live Nation and Ticketmaster Entertainment LLC in January 2010, the nonrecoupable ticketing contract advances that existed at the date of the merger were written off in acquisition accounting in accordance with GAAP. Had we continued amortizing the net book value of these nonrecoupable ticketing contract advances, the amortization above would have been $1.5 million, $1.3 million and $1.7 million higher for the years ended December 31, 2017, 2016 and 2015, respectively.

Selling, general and administrative expenses

Selling, general and administrative expenses for the year ended December 31, 2017 include a $110.0 million legal settlement entered into in January 2018, which was accrued in the Company’s Ticketing segment. See—Item 8. Financial Statements and Supplementary Data—Note 6—Commitments and Contingent Liabilities for further discussion.

Corporate

Corporate expenses increased $17.1 million, or 16%, during the year ended December 31, 2016 as compared to the prior year primarily due to costs incurred during 2016 associated with the relocation of an office and higher compensation costs driven by higher headcount.

Loss on extinguishment of debt

We recorded a loss on extinguishment of debt of $14.0 million for the year ended December 31, 2016 in connection with the refinancing of the term loans under our senior secured credit facility and the redemption of our 7.0% senior notes in October 2016. These obligations were paid with proceeds from the amended senior secured credit facility and the issuance of 4.875% senior notes due 2024. There were no significant gains or losses on extinguishment of debt recorded in 2017 or 2015.

Equity in losses (earnings) of nonconsolidated affiliates

Equity in losses (earnings) of nonconsolidated affiliates for the year ended December 31, 2016 includes impairment charges of $16.5 million primarily related to investments in a digital content company and an online merchandise company both located in the United States. There were no significant impairments of nonconsolidated affiliates recorded in 2017 or 2015.

Other expense (income), net

Other expense (income), net was income of $0.1 million for the year ended December 31, 2017 and includes net foreign exchange rate gains of $3.1 million, and was expense of $10.8 million and $27.2 million for the years ended December 31, 2016 and 2015, respectively, and includes net foreign exchange rate losses of $8.8million and $35.3 million, respectively. The net foreign exchange rate gains and losses result primarily from revaluation of certain foreign currency denominated net assets held internationally. The 2015 net loss was partially offset by remeasurement gains of $9.1 million recorded in connection with the consolidation of a festival promotion business, a ticketing company and an artist management business that were all previously accounted for as equity investments, due to the acquisition of additional interests in the companies.

Income taxes

For the year ended December 31, 2017, we had a net tax benefit of $17.2 million on loss before income taxes of $9.4 million compared to a net tax expense of $28.0 million on income before income taxes of $48.3 million for 2016. In 2017, the net income tax benefit consisted of a $57.1 million tax benefit related to United States federal income taxes offset by tax expense of $35.1 million related to foreign entities and $4.8 million related to state and local income taxes. The net decrease in

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tax expense of $45.2 million is due primarily to the reduction in certain federal deferred tax liabilities as a result of the enactment of the Tax Cuts and Jobs Act (“TCJA”), partially offset by additional tax expense due to an increase in and the geographical mix of pre-tax foreign earnings.

On December 22, 2017, the TCJA was enacted, which amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. For businesses, the TCJA reduces the corporate federal tax rate from a maximum of 35% to a flat 21% rate. The rate reduction took effect on January 1, 2018. We have concluded that the TCJA will cause our United States deferred tax assets and liabilities to be revalued. Deferred income taxes result from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. The provisional amount recorded to revalue our United States net deferred tax liability balance was a $55.7 million income tax benefit in our consolidated statement of operations for the year ended December 31, 2017.

For the year ended December 31, 2016, we had a net tax expense of $28.0 million on income before income taxes of $48.3 million compared to a net tax expense of $22.1 million on income before income taxes of $6.4 million for 2015. In 2016, income tax expense consisted of $18.2 million related to foreign entities, $5.7 million related to United States federal income taxes and $4.1 million related to state and local income taxes. The net increase is due primarily to expense for valuation allowances established for certain foreign entities and a reduced benefit in 2016 for valuation allowance release in the United States related to acquired deferred tax liabilities.

Liquidity and Capital Resources

Our cash is centrally managed on a worldwide basis. Our primary short-term liquidity needs are to fund general working capital requirements, capital expenditures and debt service requirements while our long-term liquidity needs are primarily related to acquisitions and debt repayment. Our primary sources of funds for our short-term liquidity needs will be cash flows from operations and borrowings under our senior secured credit facility, while our long-term sources of funds will be from cash flows from operations, long-term bank borrowings and other debt or equity financings. We may from time to time engage in open market purchases of our outstanding debt securities or redeem or otherwise repay such debt.

Our balance sheet reflects cash and cash equivalents of $1.8 billion at December 31, 2017 and $1.5 billion at December 31, 2016. Included in the December 31, 2017 and 2016 cash and cash equivalents balance is $769.4 million and $591.0 million, respectively, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and their share of service charges, which we refer to as client cash. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to clients on a regular basis. Our foreign subsidiaries held approximately $873.7 million in cash and cash equivalents, excluding client cash, at December 31, 2017. We do not intend to repatriate these funds, but if we did, we would need to accrue and pay United States state income taxes as well as any applicable foreign withholding or transaction taxes on future repatriations. We may from time to time enter into borrowings under our revolving credit facility. If the original maturity of these borrowings is 90 days or less, we present the borrowings and subsequent repayments on a net basis in the statement of cash flows to better represent our financing activities. Our balance sheet reflects total net debt of $2.3 billion at each of December 31, 2017 and 2016. Our weighted-average cost of debt, excluding the unamortized debt discounts and debt issuance costs on our term loans and notes, was 3.9% at December 31, 2017.

Our cash and cash equivalents are held in accounts managed by third-party financial institutions and consist of cash in our operating accounts and invested cash. Cash held in interest-bearing operating accounts in many cases exceeds the Federal Deposit Insurance Corporation insurance limits. The invested cash is in interest-bearing funds consisting primarily of bank deposits and money market funds. While we monitor cash and cash equivalents balances in our operating accounts on a regular basis and adjust the balances as appropriate, these balances could be impacted if the underlying financial institutions fail. To date, we have experienced no loss or lack of access to our cash and cash equivalents; however, we can provide no assurances that access to our cash and cash equivalents will not be impacted by adverse conditions in the financial markets.

For our Concerts segment, we generally receive cash related to ticket revenue at our owned or operated venues and festivals in advance of the event, which is recorded in deferred revenue until the event occurs. With the exception of some upfront costs and artist deposits, which are recorded in prepaid expenses until the event occurs, we pay the majority of event-related expenses at or after the event.

We view our available cash as cash and cash equivalents, less ticketing-related client cash, less event-related deferred revenue, less accrued expenses due to artists and cash collected on behalf of others, plus event-related prepaid expenses. This is essentially our cash available to, among other things, repay debt balances, make acquisitions and finance capital expenditures.

Our intra-year cash fluctuations are impacted by the seasonality of our various businesses. Examples of seasonal effects include our Concerts segment, which reports the majority of its revenue in the second and third quarters. Cash inflows and

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outflows depend on the timing of event-related payments but the majority of the inflows generally occur prior to the event. See “—Seasonality” below. We believe that we have sufficient financial flexibility to fund these fluctuations and to access the global capital markets on satisfactory terms and in adequate amounts, although there can be no assurance that this will be the case, and capital could be less accessible and/or more costly depending on economic conditions at the time. We expect cash flows from operations and borrowings under our senior secured credit facility, along with other financing alternatives, to satisfy working capital requirements, capital expenditures and debt service requirements for at least the succeeding year.

We may need to incur additional debt or issue equity to make other strategic acquisitions or investments. There can be no assurance that such financing will be available to us on acceptable terms or at all. We may make significant acquisitions in the near term, subject to limitations imposed by our financing agreements and market conditions.

The lenders under our revolving loans and counterparties to our interest rate hedge agreements consist of banks and other third-party financial institutions. While we currently have no indications or expectations that such lenders and counterparties will be unable to fund their commitments as required, we can provide no assurances that future funding availability will not be impacted by adverse conditions in the financial markets. Should an individual lender default on its obligations, the remaining lenders would not be required to fund the shortfall, resulting in a reduction in the total amount available to us for future borrowings, but would remain obligated to fund their own commitments. Should any counterparty to our interest rate hedge agreements default on its obligations, we could experience higher interest rate volatility during the period of any such default.

Sources of Cash

Senior Secured Credit Facility

In June 2017, we amended our term loan B under the senior secured credit facility reducing the applicable interest rate. At December 31, 2017, our senior secured credit facility consists of (i) a $190 million term loan A, (ii) a $970 million term loan B and (iii) a $365 million revolving credit facility. Subject to certain conditions, we have the right to increase the facility by an amount equal to the sum of $625 million and the aggregate principal amount of voluntary prepayments of the term B loans and permanent reductions of the revolving credit facility commitments, in each case, other than from proceeds of long-term indebtedness, and additional amounts so long as the senior secured leverage ratio calculated on a pro-forma basis (as defined in the credit agreement) is no greater than 3.25x. The revolving credit facility provides for borrowings up to the amount of the facility with sublimits of up to (i) $150 million for the issuance of letters of credit, (ii) $50 million for swingline loans, (iii) $200 million for borrowings in Euros or British Pounds and (iv) $50 million for borrowings in one or more other approved currencies. The senior secured credit facility is secured by (i) a first priority lien on substantially all of the tangible and intangible personal property of our domestic subsidiaries that are guarantors and (ii) a pledge of substantially all of the shares of stock, partnership interests and limited liability company interests of our direct and indirect domestic subsidiaries and 65% of each class of capital stock of any first-tier foreign subsidiaries, subject to certain exceptions.

The interest rates per annum applicable to revolving credit facility loans and term loan A under the senior secured credit facility are, at our option, equal to either LIBOR plus 2.25% or a base rate plus 1.25%, subject to stepdowns based on our net leverage ratio. The interest rates per annum applicable to the term loan B are, at our option, equal to either LIBOR plus 2.25% or a base rate plus 1.25%. We are required to pay a commitment fee of 0.5% per year on the undrawn portion available under the revolving credit facility, subject to a stepdown based on our net leverage ratio, and variable fees on outstanding letters of credit.

For the term loan A, we are required to make quarterly payments increasing over time from $4.8 million to $28.5 million, with the balance due at maturity in October 2021. For the term loan B, we are required to make quarterly payments of $2.4 million, with the balance due at maturity in October 2023. The revolving credit facility matures in October 2021. We are also required to make mandatory prepayments of the loans under the credit agreement, subject to specified exceptions, from excess cash flow, and with the proceeds of asset sales, debt issuances and other specified events.

During the year ended December 31, 2017, we made principal payments totaling $21.6 million on these term loans. At December 31, 2017, the outstanding balances on these term loans, excluding discounts and debt issuance costs, were $1.1 billion. There were no borrowings under the revolving credit facility as of December 31, 2017. Based on our outstanding letters of credit of $83.8 million, $281.2 million was available for future borrowings.

4.875% Senior Notes

In October 2016, we issued $575 million principal amount of 4.875% senior notes due 2024. Interest on the notes is payable semi-annually in cash in arrears on May 1 and November 1 of each year, and the notes will mature in November 2024. We may redeem some or all of the notes, at any time prior to November 1, 2019, at a price equal to 100% of the aggregate principal amount, plus any accrued and unpaid interest to the date of redemption, plus a ‘make-whole’ premium. We may redeem up to 35% of the aggregate principal amount of the notes from the proceeds of certain equity offerings prior to November 1, 2019, at a price equal to 104.875% of the aggregate principal amount, plus accrued and unpaid interest thereon, if any, to the date of redemption. In addition, on or after November 1, 2019, we may redeem some or all of the notes at any time

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at the redemption prices that start at 103.656% of their principal amount, plus any accrued and unpaid interest to the date of redemption. We must make an offer to redeem the notes at 101% of their aggregate principal amount, plus accrued and unpaid interest to the repurchase date, if we experience certain defined changes of control.

5.375% Senior Notes

In May 2014, we issued $250 million principal amount of 5.375% senior notes due 2022. Interest on the notes is payable semiannually in arrears on June 15 and December 15, and the notes will mature in June 2022. We may redeem at our option some or all of the notes at redemption prices that start at 104.0313% of their principal amount, plus any accrued and unpaid interest to the date of redemption. We must make an offer to redeem the notes at 101% of the aggregate principal amount, plus any accrued and unpaid interest to the repurchase date, if we experience certain defined changes of control.

2.5% Convertible Senior Notes

In May 2014, we issued $275 million principal amount of convertible senior notes due 2019. The notes pay interest semiannually in arrears on May 15 and November 15 at a rate of 2.5% per annum. The notes will mature in May 2019 and may not be redeemed by us prior to the maturity date. The notes will be convertible, under certain circumstances, until November 15, 2018, and on or after such date without condition, at an initial conversion rate of 28.8363 shares of our common stock per $1,000 principal amount of notes, subject to adjustment, which represents a 52.5% conversion premium based on the last reported sale price for our common stock of $22.74 on May 19, 2014. Upon conversion, the notes may be settled in shares of common stock or, at our election, cash or a combination of cash and shares of common stock. Assuming we fully settled the notes in shares, the maximum number of shares that could be issued to satisfy the conversion is currently 7.9 million.

If we experience a fundamental change, as defined in the indenture governing the notes, the holders of the 2.5% convertible senior notes may require us to purchase for cash all or a portion of their notes, subject to specified exceptions, at a price equal to 100% of the principal amount of the notes plus accrued and unpaid interest, if any.

Extinguishment of Debt

In October 2016, we issued $575 million principal amount of 4.875% senior notes due 2024 and amended our senior secured credit facility. The amendment to the senior secured credit facility provided the existing term loan A and term loan B lenders with an option to convert their outstanding principal amounts into the new term loans. Excluding the outstanding principal amounts for lenders who elected to convert their outstanding term loans, total proceeds of $858.5 million were used to repay $123.3 million outstanding principal amount of our borrowings under the senior secured credit facility, to repay the entire $425 million principal amount of our 7% senior notes due 2020 and to pay the related redemption premium of $14.9 million on the 7% senior notes and accrued interest and fees of $38.4 million, leaving $256.9 million in additional cash available for general corporate purposes. We recorded $14.0 million as a loss on extinguishment of debt related to this refinancing in 2016. There were no significant gains or losses on extinguishment of debt in 2017 or 2015.

Debt Covenants

Our senior secured credit facility contains a number of restrictions that, among other things, require us to satisfy a financial covenant and restrict our and our subsidiaries’ ability to incur additional debt, make certain investments and acquisitions, repurchase our stock and prepay certain indebtedness, create liens, enter into agreements with affiliates, modify the nature of our business, enter into sale-leaseback transactions, transfer and sell material assets, merge or consolidate, and pay dividends and make distributions (with the exception of subsidiary dividends or distributions to the parent company or other subsidiaries on at least a pro-rata basis with any noncontrolling interest partners). Non-compliance with one or more of the covenants and restrictions could result in the full or partial principal balance of the credit facility becoming immediately due and payable. The senior secured credit facility agreement has one covenant, measured quarterly, that relates to total leverage. The consolidated total leverage covenant requires us to maintain a ratio of consolidated total funded debt to consolidated EBITDA (both as defined in the credit agreement) of 5.25x over the trailing four consecutive quarters through September 30, 2018. The consolidated total leverage ratio will reduce to 5.0x on December 31, 2018, 4.75x on December 31, 2019 and 4.5x on December 31, 2020.

The indentures governing our 4.875% senior notes and 5.375% senior notes contain covenants that limit, among other things, our ability and the ability of our restricted subsidiaries to incur certain additional indebtedness and issue preferred stock, make certain distributions, investments and other restricted payments, sell certain assets, agree to any restrictions on the ability of restricted subsidiaries to make payments to us, merge, consolidate or sell all of our assets, create certain liens, and engage in transactions with affiliates on terms that are not on an arms-length basis. Certain covenants, including those pertaining to incurrence of indebtedness, restricted payments, asset sales, mergers, and transactions with affiliates will be suspended during any period in which the notes are rated investment grade by both rating agencies and no default or event of default under the indenture has occurred and is continuing. The 4.875% senior notes and the 5.375% senior notes contain two incurrence-based financial covenants, as defined, requiring a minimum fixed charge coverage ratio of 2.0x and a maximum secured indebtedness leverage ratio of 3.5x.

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Some of our other subsidiary indebtedness includes restrictions on entering into various transactions, such as acquisitions and disposals, and prohibits payment of ordinary dividends. They also have financial covenants including minimum consolidated EBITDA to consolidated net interest payable, minimum consolidated cash flow to consolidated debt service and maximum consolidated debt to consolidated EBITDA, all as defined in the applicable debt agreements.

As of December 31, 2017, we believe we were in compliance with all of our debt covenants. We expect to remain in compliance with all of our debt covenants throughout 2018.

Stock Option Exercises

During 2017, 2016 and 2015 we received $51.1 million, $20.3 million and $16.3 million, respectively, of proceeds from the exercise of employee stock options.

Uses of Cash

Acquisitions

When we make acquisitions, the acquired entity may have cash at the time of acquisition. All amounts related to the use of cash for acquisitions discussed in this section are presented net of any cash acquired. During 2017, we used $47.9 million of cash primarily for the acquisitions of a concert promotions business located in the United States, ticketing businesses located in the United States, the Czech Republic and Poland, and controlling interests in an artist management business located in the United States and a festival promotion business located in Switzerland. As of the date of acquisition, the acquired businesses had a total of $11.8 million of cash on their balance sheets, primarily related to deferred revenue for future events.

During 2016, we used $211.6 million of cash primarily for the acquisitions of a concert promoter in Germany, controlling interests in festival and concert promoters in the United Kingdom, United States and Sweden and an artist management business with locations in the United States and Canada. These businesses had a total of $39.0 million of cash on their balance sheets primarily related to deferred revenue for future events.

During 2015, we used $89.8 million of cash primarily for the acquisitions of all or part of festival promoters located in the United States, the United Kingdom, and Sweden and a ticketing business located in Canada. As of the date of acquisition, these businesses had a total of $114.6 million of cash on their balance sheets primarily related to deferred revenue for future events.

Purchases and Sales of Noncontrolling Interests, net

In 2017, we used $71.5 million of cash primarily for the acquisition of an additional interest in a concert and festival promotion business located in the United States and the remaining interest in a festival promotion business located in Sweden.

In 2016, we used $69.1 million of cash primarily for the acquisition of all or additional equity interests in two artist management businesses located in the United States and a festival and concert promoter located in Australia.

Capital Expenditures

Venue and ticketing operations are capital intensive businesses, requiring continual investment in our existing venues and ticketing systems in order to address audience and artist expectations, technological industry advances and various federal, state and/or local regulations.

We categorize capital outlays between maintenance capital expenditures and revenue generating capital expenditures. Maintenance capital expenditures are associated with the renewal and improvement of existing venues and technology systems, web development and administrative offices. Revenue generating capital expenditures generally relate to the construction of new venues, major renovations to existing buildings or buildings that are being added to our venue network, the development of new ticketing tools and technology enhancements. Revenue generating capital expenditures can also include smaller projects whose purpose is to increase revenue and/or improve operating income. Capital expenditures typically increase during periods when our venues are not in operation since that is the time that such improvements can be completed.

Our capital expenditures, including accruals for amounts incurred but not yet paid for but net of expenditures funded by outside parties such as landlords or replacements funded by insurance proceeds, consisted of the following:

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Maintenance capital expenditures	$	113,595	$	92,125	$	79,008
Revenue generating capital expenditures	113,756		94,702		65,726
Total capital expenditures	$	227,351	$	186,827	$	144,734

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Maintenance capital expenditures for 2017 increased from the prior year primarily associated with the relocation of certain office facilities and technology system enhancements.

Revenue generating capital expenditures for 2017 increased from the prior year primarily due to wi-fi enhancements at our amphitheaters, festival site improvements and higher investment in technology.

Maintenance capital expenditures for 2016 increased from the prior year primarily associated with technology system enhancements and venue-related projects.

Revenue generating capital expenditures for 2016 increased from the prior year primarily due to development and enhancement of certain venues.

For the years ended December 31, 2017, 2016 and 2015, $20.5 million, $2.8 million and $0.4 million, respectively, of insurance proceeds and landlord reimbursements have been excluded from capital expenditures in the table above.

We currently expect capital expenditures to be approximately $250 million for the year ending December 31, 2018.

Contractual Obligations and Commitments

Firm Commitments

In addition to the scheduled maturities on our debt, we have future cash obligations under various types of contracts. We lease office space, certain equipment and many of the venues used in our concert operations under long-term operating leases. Some of our lease agreements contain renewal options and annual rental escalation clauses (generally tied to the consumer price index), as well as provisions for our payment of utilities and maintenance. We also have minimum payments associated with non-cancelable contracts related to our operations, such as artist guarantees and client ticketing agreements. As part of our ongoing capital projects, we will enter into construction-related commitments for future capital expenditure work. The scheduled maturities discussed below represent contractual obligations as of December 31, 2017 and thus do not represent all expected expenditures for those periods.

The scheduled maturities of our outstanding long-term debt (excluding unamortized debt discounts and issuance costs), future minimum rental commitments under non-cancelable operating lease agreements, minimum payments under other non-cancelable contracts, capital expenditure commitments and expected payments of contingent and deferred consideration liabilities as of December 31, 2017 are as follows:

	Payments Due by Period
	Total		2018		2019-2020		2021-2022		2023 and thereafter
	(in thousands)
Long-term debt obligations, including current maturities:
Term loans and revolving credit facility	$	1,138,599	$	28,701	$	90,653	$	104,903	$	914,342
4.875% senior notes	575,000		—		—		—		575,000
5.375% senior notes	250,000		—		—		250,000		—
2.5% convertible senior notes (1)	275,000		275,000		—		—		—
Other long-term debt	99,393		50,037		23,208		19,656		6,492
Estimated interest payments (2)	482,747		91,329		164,309		144,931		82,178
Non-cancelable operating leases (3)	2,168,346		175,863		327,029		242,166		1,423,288
Non-cancelable contracts (3)	1,372,401		897,266		311,870		66,280		96,985
Capital expenditures	60,138		16,499		7,653		5,053		30,933
Contingent and deferred consideration	206,096		143,932		29,306		14,469		18,389
Uncertain income tax positions (4)	—		—		—		—		—
Total	$	6,627,720	$	1,678,627	$	954,028	$	847,458	$	3,147,607

_____________

⁽¹⁾ On or after November 15, 2018, holders may convert their 2.5% convertible senior notes.

⁽²⁾ Does not include interest on the revolving credit facility as the balance was zero as of December 31, 2017.

⁽³⁾ Commitment amounts for non-cancelable operating leases and non-cancelable contracts which stipulate an increase in the commitment amount based on an inflationary index have been estimated using an inflation factor of 1.8% for North America, 2.9% for the United Kingdom, 1.7% for Denmark and 1.6% for the Netherlands.

⁽⁴⁾ Does not include $9.9 million of uncertain tax positions due to the unpredictable timing of the future payments.

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During 2006, in connection with our acquisition of a theatrical business, we guaranteed obligations related to a lease agreement. In the event of default, we could be liable for obligations which have future lease payments (undiscounted) of approximately $15.3 million through the end of 2035 which are not reflected in the table above. The scheduled future minimum rentals for this lease for the years 2018 through 2022 are $1.6 million each year. The venues under the lease agreement were included in the sale of our North American theatrical business in 2008. The buyer assumed our obligations under the guaranty, however we remain contingently liable to the lessor. We believe that the likelihood of a material liability being triggered under this lease is remote, and no liability has been accrued for these contingent lease obligations as of December 31, 2017.

Aggregate minimum rentals of $47.7 million to be paid to us in years 2018 through 2032 under non-cancelable subleases are excluded from the commitment amounts in the above table.

Guarantees of Third-Party Obligations

As of December 31, 2017 and 2016, we guaranteed the debt of third parties of approximately $18.3 million and $18.0 million, respectively, primarily related to maximum credit limits on employee and tour-related credit cards, obligations of a nonconsolidated affiliate and obligations under a venue management agreement.

Cash Flows

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Cash provided by (used in):
Operating activities	$	623,006		$	597,490		$	307,854
Investing activities	$	(327,586	)	$	(426,477	)	$	(290,985	)
Financing activities	$	(127,083	)	$	99,212		$	(44,121	)

Operating Activities

Year Ended 2017 Compared to Year Ended 2016

Cash provided by operating activities increased $25.5 million for the year ended December 31, 2017 as compared to the prior year. During 2017, our accounts payable and accrued liabilities increased based on timing of payments partially offset by an increase in prepaid event-related expenses and lower increase in deferred revenue as compared to the prior year.

Year Ended 2016 Compared to Year Ended 2015

Cash provided by operating activities increased $289.6 million for the year ended December 31, 2016 as compared to the prior year. During 2016, our accounts payable and accrued liabilities increased based on the timing of payments, we delivered higher cash-related net income and received more cash for future events, increasing deferred revenue, partially offset by a larger increase in accounts receivable as compared to the prior year.

Investing Activities

Year Ended 2017 Compared to Year Ended 2016

Cash used in investing activities decreased $98.9 million for the year ended December 31, 2017 as compared to the prior year primarily due to lower net payments for acquisitions partially offset by higher purchases of property, plant and equipment. See “—Uses of Cash” above for further discussion.

Year Ended 2016 Compared to Year Ended 2015

Cash used in investing activities increased $135.5 million for the year ended December 31, 2016 as compared to the prior year due to higher acquisition activity and higher purchases of property, plant and equipment partially offset by lower advances of notes receivable. See “—Uses of Cash” above for further discussion.

Financing Activities

Year Ended 2017 Compared to Year Ended 2016

Cash used in financing activities increased $226.3 million for the year ended December 31, 2017 as compared to cash provided by financing activities in the prior year primarily due to net proceeds of $267.3 million received in 2016 from the issuance of the 4.875% senior notes and increased term loan A and term loan B borrowings, after repayment of the 7% senior notes and related costs, partially offset by higher proceeds from the exercise of stock options in 2017.

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Year Ended 2016 Compared to Year Ended 2015

Cash provided by financing activities increased $143.3 million for the year ended December 31, 2016 as compared to the prior year primarily due to net proceeds of $267.3 million received in 2016 from the issuance of the 4.875% senior notes and increased term loan A and term loan B borrowings, after repayment of the 7% senior notes and related costs. The higher net proceeds from the debt issuance were partially offset by higher purchases of noncontrolling interests and distributions to noncontrolling interest partners along with higher payments for deferred and contingent consideration due to past acquisitions.

Seasonality

Our Concerts and Sponsorship & Advertising segments typically experience higher operating income in the second and third quarters as our outdoor venues and festivals are primarily used in or occur from May through October. In addition, the timing of when tickets are sold and the tours of top-grossing acts can impact comparability of quarterly results year over year, although annual results may not be impacted. Our Ticketing segment revenue is impacted by fluctuations in the availability of events for sale to the public, which vary depending upon scheduling by our clients.

Cash flows from our Concerts segment typically have a slightly different seasonality as payments are often made for artist performance fees and production costs for tours in advance of the date the related event tickets go on sale. These artist fees and production costs are expensed when the event occurs. Once tickets for an event go on sale, we generally begin to receive payments from ticket sales at our owned or operated venues and festivals in advance of when the event occurs. We record these ticket sales as revenue when the event occurs.

We expect these trends to continue in the future. See Item 1A.—Risk Factors—“Our operations are seasonal and our results of operations vary from quarter to quarter and year over year, so our financial performance in certain financial quarters or years may not be indicative of, or comparable to, our financial performance in subsequent quarters or years.”

Market Risk

We are exposed to market risks arising from changes in market rates and prices, including movements in foreign currency exchange rates and interest rates.

Foreign Currency Risk

We have operations in countries throughout the world. The financial results of our foreign operations are measured in their local currencies. Our foreign subsidiaries also carry certain net assets or liabilities that are denominated in a currency other than that subsidiary’s functional currency. As a result, our financial results could be affected by factors such as changes in foreign currency exchange rates or weak economic conditions in the foreign markets in which we have operations. Currently, we do not operate in any hyper-inflationary countries. Our foreign operations reported operating income of $139.4 million for the year ended December 31, 2017. We estimate that a 10% change in the value of the United States dollar relative to foreign currencies would change our operating income for the year ended December 31, 2017 by $13.9 million. As of December 31, 2017, our most significant foreign exchange exposure included the Euro, British Pound, Australian Dollar and Canadian Dollar. This analysis does not consider the implication such currency fluctuations could have on the overall economic conditions of the United States or other foreign countries in which we operate or on the results of operations of our foreign entities. In addition, the reported carrying value of our assets and liabilities, including the total cash and cash equivalents held by our foreign operations, will also be affected by changes in foreign currency exchange rates.

We primarily use forward currency contracts, in addition to options, to reduce our exposure to foreign currency risk associated with short-term artist fee commitments. We also may enter into forward currency contracts to minimize the risks and/or costs associated with changes in foreign currency rates on forecasted operating income. At December 31, 2017, we had forward currency contracts and options outstanding with a notional amount of $72.4 million.

Interest Rate Risk

Our market risk is also affected by changes in interest rates. We had $2.3 billion of total debt, excluding unamortized debt discounts and issuance costs, outstanding as of December 31, 2017. Of the total amount, taking into consideration existing interest rate hedges, we had $1.1 billion of fixed-rate debt and $1.2 billion of floating-rate debt.

Based on the amount of our floating-rate debt as of December 31, 2017, each 25-basis point increase or decrease in interest rates would increase or decrease our annual interest expense and cash outlay by approximately $2.9 million when the floor rate is not applicable. This potential increase or decrease is based on the simplified assumption that the level of floating-rate debt remains constant with an immediate across-the-board increase or decrease as of December 31, 2017 with no subsequent change in rates for the remainder of the period.

We have one interest rate cap agreement with an aggregate notional amount of $4.9 million at December 31, 2017. The interest rate cap agreement ensures that a portion of our floating-rate debt does not exceed 4.25% and expires in June 2018. This agreement has not been designated as a hedging instrument. Therefore, any change in fair value is recorded in earnings during the period of the change.

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Recent Accounting Pronouncements

In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP. The new standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to receive in exchange for those goods or services. The FASB also issued important guidance clarifying certain guidelines of the standard including (1) reframing the indicators in the principal versus agent guidance to focus on evidence that a company is acting as a principal rather than agent and (2) identifying performance obligations and licensing. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within that year. The guidance should be applied retrospectively, either to each prior period presented in the financial statements, or only to the most current reporting period presented in the financial statements with a cumulative-effect adjustment as of the date of adoption.

The table below represents the impact of the adoption on our consolidated and Ticketing segment’s results of operations. The impact to the consolidated results of operations includes the elimination of intercompany transactions between our Concerts and Ticketing segments.

	As Reported		Adjustment			As Restated
	(in thousands)
Consolidated
2017
Revenue	$	10,337,448	$	(650,226	)	$	9,687,222
Direct operating expenses	$	7,748,791	$	(566,893	)	$	7,181,898
Depreciation and amortization	$	455,534	$	(83,333	)	$	372,201
2016
Revenue	$	8,354,934	$	(528,598	)	$	7,826,336
Direct operating expenses	$	6,082,708	$	(443,531	)	$	5,639,177
Depreciation and amortization	$	403,651	$	(85,067	)	$	318,584
Ticketing Segment
2017
Revenue	$	2,143,800	$	(797,290	)	$	1,346,510
Direct operating expenses	$	1,170,121	$	(709,240	)	$	460,881
Depreciation and amortization	$	200,777	$	(88,050	)	$	112,727
2016
Revenue	$	1,827,930	$	(661,901	)	$	1,166,029
Direct operating expenses	$	956,956	$	(574,266	)	$	382,690
Depreciation and amortization	$	185,925	$	(87,635	)	$	98,290

A more comprehensive discussion of the revenue recognition guidance and information regarding other recent accounting pronouncements can be found in Item 8.—Financial Statements and Supplementary Data—Note 1—The Company and Summary of Significant Accounting Policies.

Critical Accounting Policies and Estimates

The preparation of our financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. On an ongoing basis, we evaluate our estimates that are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The result of these evaluations forms the basis for making judgments about the carrying values of assets and liabilities and the reported amount of revenue and expenses that are not readily apparent from other sources. Because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such difference could be material. Management believes that the following accounting estimates are the most critical to aid in fully understanding and evaluating our reported financial results, and they require management’s most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain. The following narrative describes these critical accounting estimates, the judgments and assumptions and the effect if actual results differ from these assumptions where applicable.

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Consolidation

Typically we consolidate entities in which we own more than 50% of the voting common stock and control operations and also VIEs for which we are the primary beneficiary. Investments in nonconsolidated affiliates in which we own more than 20% of the voting common stock or otherwise exercise significant influence over operating and financial policies, but not control of the nonconsolidated affiliate, are accounted for using the equity method of accounting. Investments in nonconsolidated affiliates in which we own less than 20% of the voting common stock are accounted for using the cost method of accounting. Intercompany accounts among the consolidated businesses have been eliminated in consolidation. Net income (loss) attributable to noncontrolling interests is reflected in the statements of operations for consolidated affiliates.

Business Combinations

We account for our business combinations under the acquisition method of accounting. Identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree are recognized and measured as of the acquisition date at fair value. Additionally, contingent consideration is recorded at fair value on the acquisition date and classified as a liability. Goodwill is recognized to the extent by which the aggregate of the acquisition-date fair value of the consideration transferred and any noncontrolling interest in the acquiree exceeds the recognized basis of the identifiable assets acquired, net of assumed liabilities. Determining the fair value of assets acquired, liabilities assumed and noncontrolling interest requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates and asset lives among other items.

Property, Plant and Equipment

We test for possible impairment of property, plant and equipment whenever events or circumstances change, such as a current period operating cash flow loss combined with a history of, or projected, operating cash flow losses or a significant adverse change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. If indicators exist, we compare the estimated undiscounted future cash flows related to the assets to the carrying amount of those assets. If the carrying value is greater than the estimated undiscounted future cash flows, the cost basis of the asset is reduced to reflect the current fair value. We use various assumptions in determining the current fair value of these assets, including future expected cash flows and discount rates, as well as future salvage values and other fair value measures. Our impairment loss calculations require us to apply judgment in estimating future cash flows, including forecasting useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows.

If actual results are not consistent with our assumptions and judgments used in estimating future cash flows and asset fair values, we may be exposed to future impairment losses that could be material to our results of operations.

Intangibles

We test for possible impairment of definite-lived intangible assets whenever events or circumstances change, such as a current period operating cash flow loss combined with a history of, or projected, operating cash flow losses or a significant adverse change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair value.

We test for possible impairment of indefinite-lived intangible assets on at least an annual basis. Based on facts and circumstances, we perform either a qualitative or a quantitative assessment for impairment. If a qualitative assessment is performed, and the existence of events and circumstances indicate that it is more likely than not that an indefinite-lived intangible asset is impaired, we perform the quantitative impairment test by comparing the fair value with the carrying amount. When specific assets are determined to be impaired, the cost basis of the asset is reduced to reflect the current fair value.

When performing quantitative assessments for impairment, we use various assumptions in determining the current fair value of these definite-lived and indefinite-lived intangible assets, including future expected cash flows, discount rates and royalty rates as well as other fair value measures. For intangibles related to artist rights, we use assumptions about future revenue and operating income for the rights acquired. These projections are based on information about the artists’ past results and expectations about future results. Our impairment loss calculations require us to apply judgment in estimating future cash flows, including forecasting useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows.

If actual results are not consistent with our assumptions and judgments used in estimating future cash flows and asset fair values, we may be exposed to future impairment losses that could be material to our results of operations.

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Goodwill

We currently have seven reporting units with goodwill balances: International Concerts, North America Concerts, Artist Management and Artist Services (non-management) within the Concerts segment; Sponsorship & Advertising; and International Ticketing and North America Ticketing within the Ticketing segment.

We review goodwill for impairment annually, as of October 1, using a two-step process. We also test goodwill for impairment in other periods if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount or when we change our reporting units.

The first step is a qualitative evaluation as to whether it is more likely than not that the fair value of any of our reporting units is less than its carrying value using an assessment of relevant events and circumstances. Examples of such events and circumstances include historical financial performance, industry and market conditions, macroeconomic conditions, reporting unit-specific events, historical results of goodwill impairment testing, and the timing of the last performance of a quantitative assessment.

If any reporting units are concluded to be more likely than not impaired, or if that conclusion cannot be determined qualitatively, a second step is performed for that reporting unit. Regardless, it is our policy that all reporting units undergo a second step at least once every five years. This second step, used to quantitatively screen for potential impairment and measure the impairment, if any, compares the fair value of the reporting unit with its carrying amount, including goodwill. If a reporting unit’s carrying value is negative, the reporting unit passes the impairment test. In this case, we will disclose the amount of goodwill allocated to that reporting unit and disclose which reportable segment the reporting unit is included in. In both steps, discount rates, market multiples and sensitivity tests are derived and/or computed with the assistance of external valuation consultants. We perform sensitivity analyses when the most likely result is unclear in the first and second steps in our process. Generally, we test for sensitivities to discount rate, revenue growth, and market multiples, which are the most significant assumptions.

The second step that we use to evaluate goodwill for impairment and measure the impairment, if any, involves the determination of the fair value of our reporting units. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including our interpretation of current economic indicators and market valuations, and assumptions about our strategic plans with regard to our operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates.

In developing fair values for our reporting units, we may employ a market multiple or a discounted cash flow methodology, or a combination thereof. The market multiple methodology compares us to similar companies on the basis of risk characteristics to determine our risk profile relative to those companies as a group. This analysis generally focuses on both quantitative considerations, which include financial performance and other quantifiable data, and qualitative considerations, which include any factors which are expected to impact future financial performance. The most significant assumptions affecting the market multiple methodology are the market multiples and control premium. A control premium represents the additional value an investor would pay in order to obtain a controlling interest in the respective reporting unit.

The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the reporting unit less those cash flows attributable to noncontrolling interests. It is important to note that items such as depreciation, amortization and stock-based compensation expense are not part of cash flows which is more akin to our AOI metric. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The discounted cash flow methodology uses our estimates of future financial performance. The most significant assumptions used in the discounted cash flow methodology are the discount rate and expected future revenue, which vary among reporting units.

If actual results are not consistent with our assumptions and judgments used in estimating future cash flows and asset fair values, we may be exposed to future impairment losses that could be material to our results of operations.

In 2017, all of our reporting units with goodwill were assessed under the first qualitative step. Five of the reporting units did not advance to the second step. These five reporting units had improved discount rates and considerable excess of fair value over their carrying value in the most recent quantitative tests, while also having mixed results on market multiples and financial results when compared to recent financial expectations. Further review of these reporting units with sensitivity tests did not change our first step conclusions.

The Artist Management reporting unit advanced to the second step and its excess of fair value over carrying value was approximately 20%. The reporting unit had lower than expected financial results in the current year and decreased market multiples. Discount rates remained consistent with the prior year. Sensitivity tests on the Artist Management reporting unit showed that a 200-basis point change in the discount rate, or a 56% decline in the revenue growth rate was needed to change the conclusion. It was not sensitive to market multiple changes.

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Finally, the Artist Services reporting unit also advanced to the second step. However, due to a decrease in future financial performance expectations and risk associated with those projections, the reporting unit did not pass the quantitative test. This reporting unit accounts for approximately 3% of our goodwill at December 31, 2017. Based upon the results of the 2017 test, we recorded an impairment charge of $20.0 million for the Artist Services (non-management) reporting unit. There were no impairment charges in 2016 or 2015.

Given the results of the tests performed, although we cannot predict future performance or market conditions, we do not currently believe any of our reporting units are at risk of failing the second step in the near future. 

Revenue Recognition

Revenue from the promotion and production of an event is recognized after the show occurs. Revenue related to larger global tours is also recognized after the show occurs; however, any profits related to these tours, primarily related to music tour production and tour management services, is recognized after minimum revenue thresholds, if any, have been achieved. Revenue collected in advance of the event is recorded as deferred revenue until the event occurs. Revenue collected from sponsorships and other revenue, which is not related to any single event, is classified as deferred revenue and generally recognized over the operating season or the term of the contract.

Revenue from our ticketing operations primarily consists of convenience and order processing fees charged at the time a ticket for an event is sold and is recorded on a net basis (net of the face value of the ticket). For tickets sold for events at our owned or operated venues in the United States, and where we control the tickets internationally, revenue is recognized after the show occurs. Revenue for these ticket service charges collected in advance of the event is recorded as deferred revenue until the event occurs and these service charges will be shared between our Ticketing and Concerts segments. For tickets sold for events at third-party venues, this revenue is recognized at the time of the sale and is recorded by our Ticketing segment.

We account for taxes that are externally imposed on revenue producing transactions on a net basis, as a reduction of revenue.

Litigation Accruals

We are currently involved in certain legal proceedings and, as required, have accrued our estimate of the probable costs for the resolution of these claims. Management’s estimates used have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in our assumptions or the effectiveness of our strategies related to these proceedings.

Income Taxes

We account for income taxes using the liability method in accordance with the FASB guidance for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if we believe it is more likely than not that some portion or the entire asset will not be realized. As almost all earnings from our continuing foreign operations are permanently reinvested and not distributed, our income tax provision does not include additional United States state taxes and foreign withholding or transaction taxes on those foreign earnings that would be incurred if they were distributed. It is not practicable to determine the amount of state and foreign income taxes, if any, that might become due in the event that any remaining available cash associated with these earnings were distributed.

The FASB guidance for income taxes prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is more likely than not to be realized upon ultimate settlement.

The effect of the international provisions of the TCJA, which generally establishes a territorial-style system for taxing foreign-sourced income of domestic multinational corporations, is uncertain. The TCJA requires companies to pay a one-time transition tax on earnings of certain foreign-sourced subsidiaries that were previously tax-deferred and creates new taxes on certain foreign-sourced earnings. At December 31, 2017, we have made a reasonable estimate of the effects on our existing deferred tax balances and the one-time transition tax. The one-time transition tax is based on our total post-1986 earnings and profits (“E&P”) that we previously deferred from United States income taxes. We recorded an estimated amount for our one-time transition tax liability for our foreign subsidiaries of approximately $25.8 million, which does not impact income tax expense for 2017 since we have reflected the transition tax liability as a reduction to existing fully-valued tax attribute carryforwards. We have not completed our calculation of the total post-1986 E&P for these foreign subsidiaries. Further, the transition tax is based in part on the amount of those earnings held in cash and other specified assets. This amount may change when we finalize the calculation of post-1986 foreign E&P previously deferred from United States federal taxation and finalize

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the amounts held in cash or other specified assets. No additional income taxes have been provided for any remaining undistributed foreign earnings that we consider to be permanently reinvested.

In December 2017, the SEC issued guidance to address the application of GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. In accordance with this guidance, we have determined that the impact of the enacted rate change and the inclusion recorded in connection with the transition tax on the mandatory deemed repatriation of foreign earnings was a provisional amount and a reasonable estimate at December 31, 2017. Additional work is necessary for a more detailed analysis of our deferred tax assets and liabilities and our historical foreign earnings as well as potential correlative adjustments. The estimate of the transition tax inclusion does not impact income tax expense for 2017 since we have reflected the transition tax liability as a reduction to existing fully-valued tax attribute carryforwards. Any subsequent adjustment to the amount will be recorded in the quarter of 2018 when the analysis is complete, but is not anticipated to impact tax expense due to the existence of the aforementioned fully-valued tax attribute carryforwards.

Ratio of Earnings to Fixed Charges

The ratio of earnings to fixed charges is as follows:

Year Ended December 31,
2017	2016	2015	2014	2013
*	1.38	1.03	*	*

* For the years ended December 31, 2017, 2014 and 2013, fixed charges exceeded earnings before income taxes and fixed charges by $10.5 million, $104.0 million and $6.0 million, respectively.

The ratio of earnings to fixed charges was computed on a total company basis. Earnings represent income from continuing operations before income taxes less equity in undistributed net income (loss) of nonconsolidated affiliates plus fixed charges. Fixed charges represent interest, amortization of debt discounts, debt issuance costs and premium and the estimated interest portion of rental charges. Rental charges exclude variable rent expense for events in third-party venues.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Required information is within Item 7.— Management’s Discussion and Analysis of Financial Condition and Results of Operations—Market Risk.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of Live Nation Entertainment, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Live Nation Entertainment, Inc. (the Company) as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive loss, changes in equity and cash flows for each of the three years in the period ended December 31, 2017, and the related notes and financial statement schedule listed in the index at Item 15(a)2 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2017, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 27, 2018 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.                                                                                                              /s/ Ernst & Young LLP

We have served as the Company’s auditor since 2005.

Los Angeles, California

February 27, 2018

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LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED BALANCE SHEETS

	December 31,
	2017			2016
	(in thousands, except share data)
ASSETS
Current assets
Cash and cash equivalents	$	1,825,322		$	1,526,591
Accounts receivable, less allowance of $32,755 and $29,634 in 2017 and 2016, respectively	725,304			568,936
Prepaid expenses	546,713			528,250
Other current assets	55,403			49,774
Total current assets	3,152,742			2,673,551
Property, plant and equipment
Land, buildings and improvements	955,937			838,545
Computer equipment and capitalized software	610,924			524,571
Furniture and other equipment	312,962			256,765
Construction in progress	133,906			125,430
	2,013,729			1,745,311
Less accumulated depreciation	1,127,793			993,775
	885,936			751,536
Intangible assets
Definite-lived intangible assets, net	729,265			812,031
Indefinite-lived intangible assets	369,023			368,766
Goodwill	1,754,589			1,747,088
Other long-term assets	612,708			411,294
Total assets	$	7,504,263		$	6,764,266
LIABILITIES AND EQUITY
Current liabilities
Accounts payable, client accounts	$	948,637		$	726,475
Accounts payable	85,666			55,030
Accrued expenses	1,109,246			781,494
Deferred revenue	925,220			804,973
Current portion of long-term debt, net	347,593			53,317
Other current liabilities	160,638			39,055
Total current liabilities	3,577,000			2,460,344
Long-term debt, net	1,952,366			2,259,736
Long-term deferred income taxes	137,635			197,811
Other long-term liabilities	174,391			149,791
Commitments and contingent liabilities
Redeemable noncontrolling interests	244,727			347,068
Stockholders’ equity
Preferred stock—Series A Junior Participating, $.01 par value; 20,000,000 shares authorized; no shares issued and outstanding	—			—
Preferred stock, $.01 par value; 30,000,000 shares authorized; no shares issued and outstanding	—			—
Common stock, $.01 par value; 450,000,000 shares authorized; 208,483,993 and 204,475,849 shares issued and 208,075,969 and 204,067,825 shares outstanding in 2017 and 2016, respectively	2,069			2,034
Additional paid-in capital	2,374,006			2,381,011
Accumulated deficit	(1,079,472		)	(1,073,457		)
Cost of shares held in treasury (408,024 shares)	(6,865		)	(6,865		)
Accumulated other comprehensive loss	(108,542		)	(176,707		)
Total Live Nation stockholders’ equity	1,181,196			1,126,016
Noncontrolling interests	236,948			223,500
Total equity	1,418,144			1,349,516
Total liabilities and equity	$	7,504,263		$	6,764,266

See Notes to Consolidated Financial Statements

50

LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

		Year Ended December 31,
		2017			2016			2015
	(in thousands except share and per share data)
Revenue		$	10,337,448		$	8,354,934		$	7,245,731
Operating expenses:
Direct operating expenses		7,748,791			6,082,708			5,196,473
Selling, general and administrative expenses		1,907,723			1,548,450			1,411,855
Depreciation and amortization		455,534			403,651			397,241
Loss (gain) on disposal of operating assets		(969		)	124			845
Corporate expenses		134,972			125,061			107,945
Operating income		91,397			194,940			131,372
Interest expense		106,722			106,506			102,881
Loss on extinguishment of debt		1,048			14,049			—
Interest income		(5,717		)	(2,573		)	(3,528		)
Equity in losses (earnings) of nonconsolidated affiliates		(1,161		)	17,802			(1,502		)
Other expense (income), net		(115		)	10,830			27,168
Income before income taxes		(9,380		)	48,326			6,353
Income tax expense (benefit)		(17,154		)	28,029			22,122
Net income (loss)		7,774			20,297			(15,769		)
Net income attributable to noncontrolling interests		13,789			17,355			16,739
Net income (loss) attributable to common stockholders of Live Nation		$	(6,015	)	$	2,942		$	(32,508	)
Basic and diluted net loss per common share available to common stockholders of Live Nation		$	(0.48	)	$	(0.23	)	$	(0.33	)
Weighted average common shares outstanding:
Basic and diluted		204,923,740			202,076,243			200,973,485
Reconciliation to net loss available to common stockholders of Live Nation:
Net income (loss) attributable to common stockholders of Live Nation		$	(6,015	)	$	2,942		$	(32,508	)
Accretion of redeemable noncontrolling interests		(91,631		)	(49,952		)	(33,179		)
Basic and diluted net loss available to common stockholders of Live Nation		$	(97,646	)	$	(47,010	)	$	(65,687	)

See Notes to Consolidated Financial Statements

51

LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Year Ended December 31,
	2017		2016			2015
	(in thousands)
Net income (loss)	$	7,774	$	20,297		$	(15,769	)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	67,704		(64,947		)	(41,895		)
Other	461		(103		)	248
Comprehensive income (loss)	75,939		(44,753		)	(57,416		)
Comprehensive income attributable to noncontrolling interests	13,789		17,355			16,739
Comprehensive income (loss) attributable to common stockholders of Live Nation	$	62,150	$	(62,108	)	$	(74,155	)

See Notes to Consolidated Financial Statements

52

LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

		Live Nation Stockholders’ Equity
		Common Shares Issued	Common Stock		Additional Paid-In Capital			Accumulated Deficit			Cost of Shares Held in Treasury			Accumulated Other Comprehensive Income (Loss)			Noncontrolling Interests			Total Equity			Redeemable Noncontrolling Interests
	(in thousands, except share data)																						(in thousands)
Balances at December 31, 2014		200,431,276	$	2,004	$	2,414,428		$	(1,042,603	)	$	(6,865	)	$	(70,010	)	$	186,893		$	1,483,847		$	168,855
Non-cash and stock-based compensation		—	—		33,361			—			—			—			—			33,361			—
Common stock issued under stock plans, net of shares withheld for employee taxes		460,418	5		(7,657		)	—			—			—			—			(7,652		)	—
Exercise of stock options		1,138,891	11		16,269			—			—			—			—			16,280			—
Acquisitions		—	—		—			—			—			—			30,627			30,627			83,263
Purchases of noncontrolling interests		—	—		(6,555		)	—			—			—			(3,585		)	(10,140		)	—
Sales of noncontrolling interests		—	—		11,899			—			—			—			720			12,619			(9,652		)
Redeemable noncontrolling interests fair value adjustments		—	—		(33,179		)	—			—			—			—			(33,179		)	33,179
Noncontrolling interests contributions		—	—		—			—			—			—			255			255			—
Cash distributions		—	—		—			—			—			—			(24,693		)	(24,693		)	(5,953		)
Other		—	—		—			—			—			—			(5,182		)	(5,182		)	2,215
Comprehensive income (loss):
Net income (loss)		—	—		—			(32,508		)	—			—			24,931			(7,577		)	(8,192		)
Foreign currency translation adjustments		—	—		—			—			—			(41,895		)	—			(41,895		)	—
Other														248						248
Balances at December 31, 2015		202,030,585	2,020		2,428,566			(1,075,111		)	(6,865		)	(111,657		)	209,966			1,446,919			263,715
Non-cash and stock-based compensation		—	—		34,011			(1,288		)	—			—			—			32,723			—
Common stock issued under stock plans, net of shares withheld for employee taxes		302,545	3		(4,110		)	—			—			—			—			(4,107		)	—
Exercise of stock options		1,062,936	11		20,288			—			—			—			—			20,299			—
Acquisitions		—	—		—			—			—			—			40,697			40,697			72,560
Divestitures		—	—		—			—			—			—			(1,856		)	(1,856		)	—
Purchases of noncontrolling interests		—	—		(49,111		)	—			—			—			(14,049		)	(63,160		)	(12,674		)
Sales of noncontrolling interests		—	—		1,424			—			—			—			427			1,851			—
Redeemable noncontrolling interests fair value adjustments		—	—		(49,952		)	—			—			—			—			(49,952		)	49,952
Cash distributions		—	—		—			—			—			—			(34,285		)	(34,285		)	(20,846		)
Other		—	—		(105		)	—			—			—			(399		)	(504		)	5
Comprehensive income (loss):
Net income (loss)		—	—		—			2,942			—			—			22,999			25,941			(5,644		)
Foreign currency translation adjustments		—	—		—			—			—			(64,947		)	—			(64,947		)	—
Other		—	—		—			—			—			(103		)	—			(103		)	—
Balances at December 31, 2016		203,396,066	2,034		2,381,011			(1,073,457		)	(6,865		)	(176,707		)	223,500			1,349,516			347,068
Non-cash and stock-based compensation		—	—		42,755			—			—			—			—			42,755			—
Common stock issued under stock plans, net of shares withheld for employee taxes		342,974	4		(5,456		)	—			—			—			—			(5,452		)	—
Exercise of stock options		3,137,997	31		51,038			—			—			—			—			51,069			—
Acquisitions		—	—		—			—			—			—			9,159			9,159			6,640
Purchases of noncontrolling interests		—	—		(3,616		)	—			—			—			(2,836		)	(6,452		)	(165,227		)
Redeemable noncontrolling interests fair value adjustments		—	—		(91,631		)	—			—			—			—			(91,631		)	91,631
Contributions received		—	—		—			—			—			—			10,671			10,671			1,875
Cash distributions		—	—		—			—			—			—			(24,715		)	(24,715		)	(28,994		)
Other		—	—		(95		)	—			—			—			212			117			(1,099		)
Comprehensive income (loss):
Net income (loss)		—	—		—			(6,015		)	—			—			20,957			14,942			(7,167		)
Foreign currency translation adjustments		—	—		—			—			—			67,704			—			67,704			—
Other		—	—		—			—			—			461			—			461			—
Balances at December 31, 2017		206,877,037	$	2,069	$	2,374,006		$	(1,079,472	)	$	(6,865	)	$	(108,542	)	$	236,948		$	1,418,144		$	244,727

See Notes to Consolidated Financial Statements

53

LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	7,774		$	20,297		$	(15,769	)
Reconciling items:
Depreciation	149,634			139,288			134,148
Amortization	305,900			264,363			263,093
Deferred income tax benefit	(71,539		)	(7,891		)	(9,611		)
Amortization of debt issuance costs, discounts and premium, net	13,174			12,594			10,885
Provision for uncollectible accounts receivable and advances	20,295			21,681			19,505
Loss on extinguishment of debt	1,048			14,049			—
Non-cash compensation expense	42,755			32,723			33,361
Unrealized changes in fair value of contingent consideration	18,011			(5,715		)	8,010
Equity in losses (earnings) of nonconsolidated affiliates, net of distributions	6,898			27,498			9,436
Other, net	67			(3,587		)	(11,525		)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable	(133,020		)	(146,128		)	(67,235		)
Increase in prepaid expenses and other assets	(239,065		)	(129,748		)	(122,872		)
Increase in accounts payable, accrued expenses and other liabilities	474,301			193,775			3,480
Increase in deferred revenue	26,773			164,291			52,948
Net cash provided by operating activities	623,006			597,490			307,854
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable	(19,120		)	(17,227		)	(28,288		)
Investments made in nonconsolidated affiliates	(25,170		)	(28,922		)	(21,998		)
Purchases of property, plant and equipment	(238,435		)	(173,827		)	(142,491		)
Cash paid for acquisitions, net of cash acquired	(47,946		)	(211,624		)	(89,780		)
Purchases of intangible assets	(10,977		)	(6,234		)	(12,267		)
Other, net	14,062			11,357			3,839
Net cash used in investing activities	(327,586		)	(426,477		)	(290,985		)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs	60,912			844,451			57,276
Payments on long-term debt including extinguishment costs	(110,855		)	(606,831		)	(63,569		)
Contributions from noncontrolling interests	10,671			88			711
Distributions to noncontrolling interests	(46,036		)	(55,131		)	(30,645		)
Purchases and sales of noncontrolling interests, net	(71,509		)	(69,106		)	(9,752		)
Proceeds from exercise of stock options	51,069			20,299			16,280
Payments for deferred and contingent consideration	(15,883		)	(20,539		)	(6,770		)
Other, net	(5,452		)	(14,019		)	(7,652		)
Net cash provided by (used in) financing activities	(127,083		)	99,212			(44,121		)
Effect of exchange rate changes on cash and cash equivalents	130,394			(46,759		)	(51,652		)
Net increase (decrease) in cash and cash equivalents	298,731			223,466			(78,904		)
Cash and cash equivalents at beginning of period	1,526,591			1,303,125			1,382,029
Cash and cash equivalents at end of period	$	1,825,322		$	1,526,591		$	1,303,125
SUPPLEMENTAL DISCLOSURE
Cash paid during the year for:
Interest, net of interest income	$	87,111		$	96,678		$	92,620
Income taxes, net of refunds	$	44,871		$	30,312		$	44,287

See Notes to Consolidated Financial Statements

54

LIVE NATION ENTERTAINMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

History

Live Nation was incorporated in Delaware on August 2, 2005 in preparation for the contribution and transfer by Clear Channel Communications, Inc. of substantially all of its entertainment assets and liabilities to the Company. The Company completed this separation on December 21, 2005 and became a publicly traded company on the New York Stock Exchange trading under the symbol “LYV.”

On January 25, 2010, the Company merged with Ticketmaster Entertainment LLC and it became a wholly-owned subsidiary of Live Nation. Effective with the merger, Live Nation, Inc. changed its name to Live Nation Entertainment, Inc.

Seasonality

Due to the seasonal nature of shows at outdoor amphitheaters and festivals, which primarily occur from May through October, the Concerts and Sponsorship & Advertising segments experience higher revenue during the second and third quarters. The Ticketing segment’s revenue is impacted by fluctuations in the availability of events for sale to the public, which vary depending upon scheduling by its clients. The Company’s seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year.

Basis of Presentation and Principles of Consolidation

The Company’s consolidated financial statements include all accounts of the Company, its majority owned and controlled subsidiaries and VIEs for which the Company is the primary beneficiary. Intercompany accounts among the consolidated businesses have been eliminated in consolidation. Net income (loss) attributable to noncontrolling interests is reflected in the statements of operations.

Typically the Company consolidates entities in which the Company owns more than 50% of the voting common stock and controls operations and also VIEs for which the Company is the primary beneficiary. Investments in nonconsolidated affiliates in which the Company owns more than 20% of the voting common stock or otherwise exercises significant influence over operating and financial policies but not control of the nonconsolidated affiliate are accounted for using the equity method of accounting. Investments in nonconsolidated affiliates in which the Company owns less than 20% of the voting common stock and does not exercise significant influence over operating and financial policies are accounted for using the cost method of accounting.

All cash flow activity reflected on the consolidated statements of cash flows for the Company is presented net of any non-cash transactions so the amounts reflected may be different than amounts shown in other places in the Company’s financial statements that are based on accrual accounting and therefore include non-cash amounts. For example, the purchases of property, plant and equipment reflected on the consolidated statements of cash flows reflects the amount of cash paid during the year for these purchases and does not include the impact of the changes in accrued expenses related to capital expenditures during the year. 

Variable Interest Entities

In the normal course of business, the Company enters into joint ventures or makes investments in companies that will allow it to expand its core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. In determining whether the Company is the primary beneficiary of a VIE, it assesses whether it has the power to direct activities that most significantly impact the economic performance of the entity and has the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities the Company believes most significantly impact the economic performance of its VIEs include the unilateral ability to approve the annual budget, the unilateral ability to terminate key management and the unilateral ability to approve entering into agreements with artists, among others. The Company has certain rights and obligations related to its involvement in the VIEs, including the requirement to provide operational cash flow funding. As of December 31, 2017 and 2016, excluding intercompany balances and allocated goodwill and intangible assets, there were $192.1 million and $186.4 million of assets and $98.0 million and $98.9 million of liabilities, respectively, related to VIEs included in the balance sheets. None of the Company’s VIEs are significant on an individual basis.

55

Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. The Company’s cash and cash equivalents consist primarily of domestic and foreign bank accounts as well as interest-bearing accounts consisting primarily of bank deposits and money market accounts managed by third-party financial institutions. These balances are stated at cost, which approximates fair value.

Included in the December 31, 2017 and 2016 cash and cash equivalents balance is $769.4 million and $591.0 million, respectively, of cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to the clients. The Company generally does not utilize client cash for its own financing or investing activities as the amounts are payable to clients on a regular basis. These amounts due to clients are included in accounts payable, client accounts.

Cash held in interest-bearing operating accounts in many cases exceeds the Federal Deposit Insurance Corporation insurance limits. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents; however, these balances could be impacted in the future if the underlying financial institutions fail. To date, the Company has experienced no loss or lack of access to its cash or cash equivalents; however, the Company can provide no assurances that access to its cash and cash equivalents will not be impacted in the future by adverse conditions in the financial markets.

Allowance for Doubtful Accounts

The Company evaluates the collectability of its accounts receivable based on a combination of factors. Generally, it records specific reserves to reduce the amounts recorded to what it believes will be collected when a customer’s account ages beyond typical collection patterns, or the Company becomes aware of a customer’s inability to meet its financial obligations.

The Company believes that the credit risk with respect to trade receivables is limited due to the large number and the geographic diversification of its customers.

Prepaid Expenses

The majority of the Company’s prepaid expenses relate to event expenses including show advances and deposits and other costs directly related to future concert events. For advances that are expected to be recouped over a period of more than 12 months, the long-term portion of the advance is classified as other long-term assets. These prepaid costs are charged to operations upon completion of the related events.

Ticketing contract advances, which can be either recoupable or non-recoupable, represent amounts paid in advance to the Company’s clients pursuant to ticketing agreements and are reflected in prepaid expenses or in other long-term assets if the amount is expected to be recouped or recognized over a period of more than 12 months. Recoupable ticketing contract advances are generally recoupable against future royalties earned by the clients, based on the contract terms, over the life of the contract. Non-recoupable ticketing contract advances, excluding those amounts paid to support clients’ advertising costs, are fixed additional incentives occasionally paid by the Company to secure the contract with certain clients and are normally amortized over the life of the contract on a straight-line basis. Amortization of these non-recoupable ticketing contract advances is included in depreciation and amortization in the statements of operations. For the years ended December 31, 2017, 2016 and 2015, the Company amortized $83.3 million, $85.1 million and $86.6 million, respectively, related to non-recoupable ticketing contract advances.

Business Combinations

During 2017, 2016 and 2015, the Company completed several acquisitions that were accounted for as business combinations under the acquisition method of accounting. These acquisitions were not significant either on an individual basis or in the aggregate.

The Company accounts for its business combinations under the acquisition method of accounting. Identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree are recognized and measured as of the acquisition date at fair value. Additionally, any contingent consideration is recorded at fair value on the acquisition date and classified as a liability. Goodwill is recognized to the extent by which the aggregate of the acquisition-date fair value of the consideration transferred and any noncontrolling interest in the acquiree exceeds the recognized basis of the identifiable assets acquired, net of assumed liabilities. Determining the fair value of assets acquired, liabilities assumed and noncontrolling interests requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates and asset lives among other items.

56

Property, Plant and Equipment

Property, plant and equipment are stated at cost or fair value at the date of acquisition. Depreciation, which is recorded for both owned assets and assets under capital leases, is computed using the straight-line method over their estimated useful lives, which are typically as follows:

Buildings and improvements - 10 to 50 years

Computer equipment and capitalized software - 3 to 10 years

Furniture and other equipment - 3 to 10 years

Leasehold improvements are depreciated over the shorter of the economic life or associated lease term assuming the Company exercises renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for asset renewal and improvements are capitalized.

The Company tests for possible impairment of property, plant and equipment whenever events or circumstances change, such as a current period operating cash flow loss combined with a history of, or projected, operating cash flow losses or a significant adverse change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows related to the asset to the carrying value of the asset. If the carrying value is greater than the estimated undiscounted future cash flow amount, an impairment charge is recorded based on the difference between the fair value and the carrying value. Any such impairment charge is recorded in depreciation and amortization in the statements of operations. The impairment loss calculations require management to apply judgment in estimating future cash flows and the discount rates that reflect the risk inherent in future cash flows.

Intangible Assets

The Company classifies intangible assets as definite-lived or indefinite-lived. Definite-lived intangibles include revenue-generating contracts, client/vendor relationships, trademarks and naming rights, technology, non-compete agreements, and venue management and leasehold agreements, all of which are amortized either on a straight-line basis over the respective lives of the agreements, typically 3 to 15 years, or on a basis more representative of the time pattern over which the benefit is derived. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are stated at cost or fair value at the date of acquisition. Indefinite-lived intangibles consist of trade names. Indefinite-lived intangibles are not subject to amortization, but are reviewed for impairment at least annually.

The Company tests for possible impairment of definite-lived intangible assets whenever events or circumstances change, such as a current period operating cash flow loss combined with a history of, or projected, operating cash flow losses or a significant adverse change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows related to the asset to the carrying value of the asset. If the carrying value is greater than the estimated undiscounted future cash flow amount, an impairment charge is recorded based on the difference between the fair value and the carrying value. Any such impairment charge is recorded in depreciation and amortization in the statements of operations.

The Company tests for possible impairment of indefinite-lived intangible assets at least annually. Depending on facts and circumstances, qualitative factors may first be assessed to determine whether the existence of events and circumstances indicate that it is more likely than not that an indefinite-lived intangible asset is impaired. If it is concluded that it is more likely than not impaired, the Company performs a quantitative impairment test by comparing the fair value with the carrying amount. If the qualitative assessment is not performed first, the Company performs only this quantitative test. When specific assets are determined to be impaired, the cost basis of the asset is reduced to reflect the current fair value. Any such impairment charge is recorded in depreciation and amortization in the statements of operations. The impairment loss calculations require management to apply judgment in estimating future cash flows, projected expected revenue, discount rates and royalty rates that reflect the risk inherent in future cash flows.

Goodwill

The Company reviews goodwill for impairment annually, as of October 1, using a two-step process. It also tests goodwill for impairment in other periods if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount or when the Company changes its reporting units.

The first step is a qualitative evaluation as to whether it is more likely than not that the fair value of any of the Company’s reporting units is less than its carrying value using an assessment of relevant events and circumstances. Examples of such events and circumstances include historical financial performance, industry and market conditions, macroeconomic conditions, reporting unit-specific events, historical results of goodwill impairment testing and the timing of the last performance of a quantitative assessment.

57

If any reporting units are concluded to be more likely than not impaired, or if that conclusion cannot be determined qualitatively, a second step is performed for that reporting unit. Regardless, all reporting units undergo a second step at least once every five years. This second step, used to quantitatively screen for potential impairment and measure the impairment, if any, compares the fair value of the reporting unit with its carrying amount, including goodwill. If the reporting unit’s carrying value exceeds its fair value, the excess of the carrying value over the fair value is recorded as an impairment to goodwill. If a reporting unit’s carrying value is negative, the reporting unit passes the impairment test. In this case, the Company will disclose the amount of goodwill allocated to that reporting unit and disclose which reportable segment the reporting unit is included in. In both steps, discount rates, market multiples, and sensitivity tests are derived and/or computed with the assistance of external valuation consultants.

The second step that the Company uses to evaluate goodwill for impairment and measure impairment, if any, involves the determination of the fair value of the Company’s reporting units. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates.

In developing fair values for its reporting units, the Company employs a market multiple or a discounted cash flow methodology, or a combination thereof. The market multiple methodology compares the Company to similar companies on the basis of risk characteristics to determine its risk profile relative to those companies as a group. This analysis generally focuses on both quantitative considerations, which include financial performance and other quantifiable data, and qualitative considerations, which include any factors which are expected to impact future financial performance. The most significant assumptions affecting the market multiple methodology are the market multiples used and control premium. A control premium represents the additional value an investor would pay in order to obtain a controlling interest in the respective reporting unit.

The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the reporting unit. It is important to note that items such as depreciation, amortization and stock-based compensation expense are not part of cash flows which is more akin to the Company’s AOI metric. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The discounted cash flow methodology uses the Company’s estimates of future financial performance. The most significant assumptions used in the discounted cash flow methodology are the discount rate and expected future revenue, which vary among reporting units.

Nonconsolidated Affiliates

In general, nonconsolidated investments in which the Company owns more than 20% of the common stock or otherwise exercises significant influence over an affiliate are accounted for under the equity method. The Company recognizes gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statements of operations for any decline in value that is determined to be other-than-temporary. If the Company obtains control of a nonconsolidated affiliate through the purchase of additional ownership interest or changes in the governing agreements, it remeasures its investment to fair value first and then applies the accounting guidance for business combinations. Any gain or loss resulting from the remeasurement to fair value is recorded as a component of other expense (income), net in the statements of operations.

Accounts Payable, Client Accounts

Accounts payable, client accounts consists of contractual amounts due to ticketing clients which includes the face value of tickets sold and the clients’ share of service charges.

Income Taxes

The Company accounts for income taxes using the liability method which results in deferred tax assets and liabilities based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion of or the entire asset will not be realized. As almost all earnings from the Company’s continuing foreign operations are permanently reinvested and not distributed, the Company’s income tax provision does not include additional United States state and foreign withholding or transaction taxes on those foreign earnings that would be incurred if they were distributed. It is not practicable to determine the amount of state and foreign income taxes, if any, that might become due in the event that any remaining available cash associated with these earnings were distributed.

The FASB guidance for income taxes prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is more likely than not to be realized upon ultimate settlement.

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The Company has established a policy of including interest related to tax loss contingencies in income tax expense (benefit) in the statements of operations.

Revenue Recognition

Revenue from the promotion and production of an event in the Concerts segment is recognized after the show occurs. Revenue related to larger global tours is also recognized after the show occurs; however, any profits related to these tours, primarily related to music tour production and tour management services, is recognized after minimum revenue guarantee thresholds, if any, have been achieved. Revenue collected in advance of the event is recorded as deferred revenue until the event occurs. Revenue collected from sponsorships and other revenue, which is not related to any single event, is classified as deferred revenue and generally recognized over the operating season or the term of the contract.

Revenue from the Company’s ticketing operations primarily consists of service fees charged at the time a ticket for an event is sold. For tickets sold to events at the Company’s owned or operated venues and festivals in the United States, and where the Company controls the tickets internationally, the revenue for the associated ticket service charges collected in advance of the event is recorded as deferred revenue until the event occurs and these service charges are shared between the Company’s Ticketing and Concerts segments. For tickets sold for events at third-party venues, the revenue is recognized at the time of the sale and is recorded by the Company’s Ticketing segment.

The Company accounts for taxes that are externally imposed on revenue producing transactions on a net basis.

Gross versus Net Revenue Recognition

The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. To the extent the Company acts as the principal, revenue is reported on a gross basis. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company has the substantial risks and rewards of ownership under the terms of an arrangement. The Ticketing segment’s revenue, which primarily consists of service fees from its ticketing operations, is recorded net of the face value of the ticket as the Company generally acts as an agent in these transactions.

Foreign Currency

Results of operations for foreign subsidiaries and foreign equity investees are translated into United States dollars using the average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into United States dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders’ equity in AOCI. Foreign currency transaction gains and losses are included in the statements of operations and include the impact of revaluation of certain foreign currency denominated net assets or liabilities held internationally. For the year ended December 31, 2017, the Company recorded net foreign currency transaction gains of $3.1 million. For the years ended December 31, 2016 and 2015, the Company recorded net foreign currency transaction losses of $8.8 million and $35.3 million, respectively. The Company does not currently have operations in highly inflationary countries.

Advertising Expense

The Company records advertising expense in the year that it is incurred. Throughout the year, general advertising expenses are recognized as they are incurred, but event-related advertising for concerts is recognized once the show occurs. However, all advertising costs incurred during the year and not previously recognized are expensed at the end of the year. Advertising expenses of $378.1 million, $311.9 million and $275.6 million for the years ended December 31, 2017, 2016 and 2015, respectively, were recorded as a component of direct operating expenses. Advertising expenses of $40.3 million, $33.2 million and $28.6 million for the years ended December 31, 2017, 2016 and 2015, respectively, were recorded as a component of selling, general and administrative expenses.

Direct Operating Expenses

Direct operating expenses include artist fees, show-related marketing and advertising expenses, royalties paid to clients for their share of service charges, rent expense for events in third-party venues, credit card fees, telecommunication and data communication costs associated with the Company’s call centers, commissions paid on tickets distributed through independent sales outlets away from the box office, and salaries and wages related to seasonal employees at the Company’s venues along with other costs, including ticket stock and shipping. These costs are primarily variable in nature.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include salaries and other compensation costs related to full-time employees, fixed rent, travel and entertainment, legal expenses and consulting along with other costs.

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Depreciation and Amortization

The Company’s depreciation and amortization is presented as a separate line item in the statements of operations. There is no depreciation or amortization included in direct operating expenses, selling, general and administrative expenses or corporate expenses.

Non-cash and Stock-based Compensation

The Company follows the fair value recognition provisions in the FASB guidance for stock compensation. Stock-based compensation expense recognized includes compensation expense for all share-based payments using the estimated grant date fair value. Stock-based compensation expense is adjusted for forfeitures as they occur.

The fair value for options in Live Nation stock is estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of the options is amortized to expense on a straight-line basis over the options’ vesting period. The Company uses an expected volatility based on an even weighting of its own traded options and historical volatility. Beginning in 2017, the Company uses a weighted-average expected life based on historical experience calculated with the assistance of outside consultants. Through December 31, 2016, the Company used the simplified method for estimating the expected life within the valuation model which is the period of time that options granted are expected to be outstanding. The Company used the simplified method as it did not believe its historical experience provided a reasonable basis with which to estimate the expected term due to the impact of a number of divestitures after its inception, the varying vesting terms of awards issued since the Company’s inception and the impact from the type and amount of awards converted pursuant to the Company’s merger with Ticketmaster Entertainment LLC. The risk-free rate for periods within the expected life of the option is based on the United States Treasury note rate.

The fair value of restricted stock awards and deferred stock awards, which is generally the stock price on the date of grant, is amortized to expense on a straight-line basis over the vesting period except for restricted stock awards and deferred stock awards with minimum performance or market targets as their vesting condition. The performance-based awards are amortized to expense on a graded basis over the vesting period to the extent that it is probable that the performance criteria will be met. Specific for market-based awards, the fair value is estimated using a Monte Carlo simulation model and is then amortized to expense on a graded basis over the derived service period, which is estimated as the median weighted average vesting period from the Monte Carlo simulation model. However, unlike awards with a service or performance condition, the expense for market-based awards will not be reversed solely because the market condition is not satisfied.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals, acquisition accounting and impairments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Accounting Pronouncements - Recently Adopted

In March 2016, the FASB issued guidance clarifying that the assessment of whether an embedded contingent put or call option is clearly and closely related to the debt instrument only requires an analysis pursuant to the four-step decision sequence outlined in the guidance for embedded derivatives. The guidance should be applied to existing debt instruments using a modified retrospective method as of the beginning of the period of adoption. The Company adopted this guidance on January 1, 2017, and the adoption did not have an impact on its financial position or results of operations.

In October 2016, the FASB issued guidance that requires a single decision maker evaluating whether it is the primary beneficiary of a variable interest entity to consider its indirect interests held by related parties that are under common control on a proportionate basis as opposed to considering those interests in their entirety as required by current guidance. The guidance should be applied retrospectively. The Company adopted this guidance on January 1, 2017, and the adoption did not have an impact on its financial position or results of operations.

In December 2016, the FASB issued guidance making technical corrections and improvements, which includes an update clarifying how to account for arrangements that include a license to use internal-use software acquired from third parties. The guidance for this specific technical correction should be applied prospectively. The Company adopted this guidance on January 1, 2017, and the adoption did not have a material effect on its financial position or results of operations.

In January 2017, the FASB issued guidance that eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The guidance should be applied prospectively to goodwill impairment tests performed within the period of adoption. The Company adopted this guidance effective October 1, 2017.

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Accounting Pronouncements - Not Yet Adopted

Revenue Recognition

In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP. The new standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to receive in exchange for those goods or services. The FASB also issued important guidance clarifying certain guidelines of the standard including (1) reframing the indicators in the principal versus agent guidance to focus on evidence that a company is acting as a principal rather than agent and (2) identifying performance obligations and licensing. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within that year. Early adoption of the standard is only permitted for annual periods beginning after December 15, 2016 and interim periods within that year. The guidance should be applied retrospectively, either to each prior period presented in the financial statements, or only to the most current reporting period presented in the financial statements with a cumulative-effect adjustment as of the date of adoption.

To assess the impact of the standard, the Company dedicated personnel to lead the implementation effort and supplemented them with additional external resources. These personnel reviewed the amended guidance and subsequent clarifications, conducted surveys of divisional finance managers to obtain a detailed understanding of contracts with customers within each division, and reviewed a sample of contracts judgmentally selected based on the size and complexity of all major revenue streams. The Company has completed its review and analysis, including the estimated impact of the new guidance.

Based on the procedures performed to date, the Company believes it has identified all material contract types and costs that will be impacted by the new guidance. The Concerts segment, representing approximately 76% of the Company’s 2017 consolidated revenue, will not require a change in its revenue recognition as the Company believes this revenue should continue to be deferred until the event date under the new standard. For the Ticketing segment, representing approximately 21% of 2017 consolidated revenue, the Company has concluded that it will no longer present certain payments to ticketing clients as an expense and will begin reflecting these payments as a reduction of revenue. Previously, the Company recognized royalties paid to ticketing clients as direct operating expenses and nonrecoupable ticketing contract advances as depreciation and amortization. Under the new guidance, the Company will now recognize royalties and ticketing contract advances paid to ticketing clients as a reduction to revenue. Consolidated revenue for 2017 will be reduced by $650.2 million, or approximately 6%, and the Ticketing segment revenue will be reduced by $797.3 million, or approximately 37%. There will be no impact overall to operating income. The timing of revenue recognition will not change for the Ticketing segment. The remaining revenue streams of the Company will not be impacted by the new guidance.

The Company is compiling the data necessary for the required disclosures along with implementing changes to internal controls and accounting policies and processes that may be required to comply with the new revenue recognition and disclosure requirements. The Company will adopt this standard on January 1, 2018, applying it retrospectively to each prior period presented in the consolidated statements of operations.

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The table below represents the impact of the adoption to the Company’s consolidated and Ticketing segment’s results of operations. The impact to the consolidated results of operations includes the elimination of intercompany transactions between the Company’s Concerts and Ticketing segments.

	As Reported		Adjustment			As Restated
	(in thousands)
Consolidated
2017
Revenue	$	10,337,448	$	(650,226	)	$	9,687,222
Direct operating expenses	$	7,748,791	$	(566,893	)	$	7,181,898
Depreciation and amortization	$	455,534	$	(83,333	)	$	372,201
2016
Revenue	$	8,354,934	$	(528,598	)	$	7,826,336
Direct operating expenses	$	6,082,708	$	(443,531	)	$	5,639,177
Depreciation and amortization	$	403,651	$	(85,067	)	$	318,584
Ticketing Segment
2017
Revenue	$	2,143,800	$	(797,290	)	$	1,346,510
Direct operating expenses	$	1,170,121	$	(709,240	)	$	460,881
Depreciation and amortization	$	200,777	$	(88,050	)	$	112,727
2016
Revenue	$	1,827,930	$	(661,901	)	$	1,166,029
Direct operating expenses	$	956,956	$	(574,266	)	$	382,690
Depreciation and amortization	$	185,925	$	(87,635	)	$	98,290

Lease Accounting

In February 2016, the FASB issued guidance that requires lessees to recognize most leases on their balance sheet as a lease liability and a right-of-use asset, and to disclose key information about leasing arrangements. The guidance is effective for annual periods beginning after December 15, 2018 and interim periods within that year, and early adoption is permitted. The guidance should be applied on a modified retrospective basis. 

To assess the impact of the standard, the Company has dedicated certain of its personnel to lead the implementation effort. These personnel reviewed the amended guidance and subsequent clarifications and attended multiple training sessions in order to understand the potential impact the new standard could have on the Company’s financial position and results of operations. The Company has formed a cross-functional steering committee including members from its major divisions. The Company is in the process of implementing a third-party lease accounting software to record, analyze, and calculate the financial statement and disclosure impacts.

The Company will finalize its conclusions in 2018 and ensure that it can produce the data necessary for the required disclosures along with assessing changes to internal controls and processes that may be required to comply with the new lease accounting and disclosure requirements. The Company will adopt this standard on January 1, 2019 and is currently evaluating the impact that this guidance will have on its financial position and results of operations.

Other Pronouncements

In January 2016, the FASB issued amendments for the recognition, measurement, presentation and disclosure of financial instruments. Among other things, the guidance requires equity investments that do not result in consolidation and are not accounted for under the equity method to be measured at fair value with any change in fair value recognized in net income unless the investments do not have readily determinable fair values. The amendments are effective for annual periods beginning after December 15, 2017 and interim periods within that year. Early adoption is not permitted for most of the amendments. The amendments are to be applied through a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption with the exception of equity investments without readily determinable fair values, which will be applied prospectively. The Company will adopt this guidance on January 1, 2018, and does not expect the adoption to have a material impact on its financial position and results of operations.

In October 2016, the FASB issued guidance that requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the period in which the transfer occurs. That is a change from current

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guidance which requires companies to defer the income tax effects of intercompany transfers of assets until the asset has been sold to an outside party or otherwise recognized. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that year, and early adoption is permitted. The guidance should be applied on a modified retrospective basis. The Company will adopt this guidance on January 1, 2018, and the adoption will not impact its financial position or results of operations.

In January 2017, the FASB issued guidance that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business and should be accounted for as an asset acquisition rather than a business combination. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that year, and early adoption is permitted. The guidance should be applied prospectively to any transactions occurring within the period of adoption. The Company will adopt this guidance on January 1, 2018, and will apply it prospectively to acquisitions occurring on or after January 1, 2018.

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NOTE 2—LONG-LIVED ASSETS

Definite-lived Intangible Assets

The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the years ended December 31, 2017 and 2016:

	Revenue- generating contracts			Client / vendor relationships			Trademarks and naming rights			Technology			Other (1)			Total
	(in thousands)
Balance as of December 31, 2015:
Gross carrying amount	$	700,795		$	379,282		$	86,556		$	30,265		$	246,003		$	1,442,901
Accumulated amortization	(313,743		)	(169,620		)	(14,578		)	(8,602		)	(158,595		)	(665,138		)
Net	387,052			209,662			71,978			21,663			87,408			777,763
Gross carrying amount:
Acquisitions—current year	136,029			42,861			5,100			24,804			11,411			220,205
Acquisitions—prior year	11,404			782			3,618			—			2,674			18,478
Dispositions	—			(2,299		)	—			—			(1,225		)	(3,524		)
Foreign exchange	(25,360		)	(4,528		)	(930		)	(1,364		)	(8,110		)	(40,292		)
Other (2)	(62,470		)	(14,089		)	(6		)	(627		)	(126,746		)	(203,938		)
Net change	59,603			22,727			7,782			22,813			(121,996		)	(9,071		)
Accumulated amortization:
Amortization	(76,484		)	(60,815		)	(9,623		)	(6,153		)	(25,055		)	(178,130		)
Dispositions	—			599			—			—			22			621
Foreign exchange	10,555			1,962			477			491			2,926			16,411
Other (2)	62,872			14,089			—			627			126,849			204,437
Net change	(3,057		)	(44,165		)	(9,146		)	(5,035		)	104,742			43,339
Balance as of December 31, 2016:
Gross carrying amount	760,398			402,009			94,338			53,078			124,007			1,433,830
Accumulated amortization	(316,800		)	(213,785		)	(23,724		)	(13,637		)	(53,853		)	(621,799		)
Net	443,598			188,224			70,614			39,441			70,154			812,031
Gross carrying amount:
Acquisitions—current year	19,095			22,635			—			12,707			6,620			61,057
Acquisitions—prior year	(6,724		)	—			35,464			1,120			—			29,860
Foreign exchange	23,308			10,457			1,429			2,278			4,857			42,329
Other (2)	(6,714		)	(93,652		)	(4,900		)	(5,517		)	(253		)	(111,036		)
Net change	28,965			(60,560		)	31,993			10,588			11,224			22,210
Accumulated amortization:
Amortization	(94,797		)	(61,550		)	(13,315		)	(13,869		)	(19,035		)	(202,566		)
Foreign exchange	(9,918		)	(4,460		)	(560		)	(764		)	(2,463		)	(18,165		)
Other (2)	11,504			93,438			4,918			5,525			370			115,755
Net change	(93,211		)	27,428			(8,957		)	(9,108		)	(21,128		)	(104,976		)
Balance as of December 31, 2017:
Gross carrying amount	789,363			341,449			126,331			63,666			135,231			1,456,040
Accumulated amortization	(410,011		)	(186,357		)	(32,681		)	(22,745		)	(74,981		)	(726,775		)
Net	$	379,352		$	155,092		$	93,650		$	40,921		$	60,250		$	729,265

^{___________________} 

⁽¹⁾ Other includes non-compete agreements of $31.6 million and $43.9 million at December 31, 2017 and 2016, respectively, and venue management and leaseholds of $27.2 million and $24.3 million at December 31, 2017 and 2016, respectively.

⁽²⁾ Other includes netdowns of fully amortized or impaired assets.

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Included in the current year acquisitions amount above for 2017 are definite-lived intangible assets primarily associated with the acquisitions of an artist management business located in the United States, various concert promotion businesses located in the United States and Italy, a festival promotion business located in Switzerland and various ticketing businesses located in the United States and the Czech Republic.

Included in the prior year acquisitions amount above for 2017 are changes primarily associated with the acquisitions of festival promotion businesses located in the United States and Australia.

Included in the current year acquisitions amount above for 2016 are definitive-lived intangible assets primarily associated with the acquisitions of festival and concert promoters located in the United States, Australia, Sweden and the United Kingdom, an artist management business with locations in the United States and Canada, a digital content company located in the United States, and the remaining interest in a ticketing-related technology business that had previously been accounted for as a cost method investment.

Included in the prior year acquisitions amount above for 2016 are changes primarily associated with the acquisition of a festival promoter located in the United States.

The 2017 and 2016 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:

	Weighted- Average Life (years)
	2017	2016
Revenue-generating contracts	7	8
Client/vendor relationships	6	6
Trademarks and naming rights	—	10
Technology	3	5
Other	9	5
All categories	6	8

Amortization of definite-lived intangible assets for the years ended December 31, 2017, 2016 and 2015 was $202.6 million, $178.1 million and $174.0 million, respectively.

The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets that exist at December 31, 2017:

	(in thousands)
2018	$	179,251
2019	$	151,852
2020	$	118,439
2021	$	81,950
2022	$	63,920

As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary.

Indefinite-lived Intangibles

The Company has indefinite-lived intangible assets which consist of trade names. These indefinite-lived intangible assets had a carrying value of $369.0 million and $368.8 million as of December 31, 2017 and 2016, respectively.

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Goodwill

In 2016, the Company’s reportable segments were Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. Beginning in 2017, the Company no longer presents Artist Nation as a reportable segment and now includes the business previously reported in the Artist Nation segment in the Concerts segment. See further discussion of the segment change in Note 12—Segment Data. The Company’s reporting units reviewed for impairment remain unchanged.

The Company currently has seven reporting units with goodwill balances: International Concerts, North America Concerts, Artist Management and Artist Services (non-management) within the Concerts segment; Sponsorship & Advertising; and International Ticketing and North America Ticketing within the Ticketing segment. The Company reviews goodwill for impairment annually, as of October 1, using a two-step process: a qualitative review and a quantitative analysis. In 2017, as part of the Company’s annual test for impairment of goodwill, five reporting units were assessed under the initial qualitative evaluation and did not require a quantitative analysis. These reporting units account for approximately 80% of the Company’s goodwill at December 31, 2017. Considerations included (a) considerable excess of fair values over carrying values in the most recent quantitative analysis performed, (b) improved discount rates, (c) varying results on market multiples and (d) improving financial results.

Finally, for two reporting units that account for approximately 20% of the Company’s goodwill at December 31, 2017, although discount rates remained consistent with prior year, the qualitative analysis was inconclusive due to declines in recent financial performance against prior expectations and varying results on market multiples. As such, quantitative analysis was performed for these reporting units.

The Company performed the quantitative analysis using a combination of a discounted cash flows methodology, which uses both market-based and internal assumptions, and a market multiple methodology, which uses primarily market-based assumptions.

Based upon the results of the annual test for 2017, the Company recorded an impairment charge of $20.0 million related to its Artist Services (non-management) reporting unit. See Note 5—Fair Value Measurements for discussion of the impairment calculation. There were no impairment charges recorded in 2016 or 2015.

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The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments for the years ended December 31, 2017 and 2016:

	Concerts			Sponsorship &  Advertising			Ticketing			Total
	(in thousands)
Balance as of December 31, 2015:
Goodwill	$	943,272		$	332,081		$	733,825		$	2,009,178
Accumulated impairment losses	(404,863		)	—			—			(404,863		)
Net	538,409			332,081			733,825			1,604,315
Acquisitions—current year	123,952			45,376			8,671			177,999
Acquisitions—prior year	(18,457		)	18,302			(108		)	(263		)
Dispositions	(323		)	—			—			(323		)
Foreign exchange	(31,424		)	67			(3,283		)	(34,640		)
Balance as of December 31, 2016:
Goodwill	1,017,020			395,826			739,105			2,151,951
Accumulated impairment losses	(404,863		)	—			—			(404,863		)
Net	612,157			395,826			739,105			1,747,088
Acquisitions—current year	10,265			5,438			11,139			26,842
Acquisitions—prior year	(21,614		)	(9,822		)	882			(30,554		)
Impairment	(20,000		)	—			—			(20,000		)
Foreign exchange	10,242			10,311			10,660			31,213
Balance as of December 31, 2017:
Goodwill	1,015,913			401,753			761,786			2,179,452
Accumulated impairment losses	(424,863		)	—			—			(424,863		)
Net	$	591,050		$	401,753		$	761,786		$	1,754,589

Included in the current year acquisitions amount above for 2017 is goodwill associated with the acquisitions of various ticketing businesses located in the United States, an artist management business located in the United States, various concert promotion businesses located in Italy and the United States and a festival promotion business located in Switzerland.

Included in the prior year acquisitions amount above for 2017 are changes primarily associated with the acquisitions of festival promotion businesses located in the United States and Australia.

Included in the current year acquisitions amount above for 2016 is goodwill associated with the acquisitions of festival and concert promoters located in the United States, Australia and the United Kingdom, an artist management business with locations in the United States and Canada, and a digital content company located in the United States.

Included in the prior year acquisitions amount above for 2016 are changes primarily associated with the acquisitions of a festival promoter located in the United States and a venue management business in New Zealand.

The Company is in various stages of finalizing its acquisition accounting for recent acquisitions, which include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and its allocation between segments.

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Investments in Nonconsolidated Affiliates

The Company has investments in various affiliates which are not consolidated and are accounted for under the equity method of accounting. The Company records its investments in these entities in the balance sheet as investments in nonconsolidated affiliates reported as part of other long-term assets. The Company’s interests in these operations are recorded in the statements of operations as equity in losses (earnings) of nonconsolidated affiliates. For the year ended December 31, 2017, the Company’s investment in Venta de Boletos por Computadora S.A. de C.V, a 33% owned ticketing distribution services company is considered significant on an individual basis and certain other investments are considered significant on an aggregate basis. Summarized balance sheet and income statement information for these entities is as follows (at 100%):

	December 31,
	2017		2016
	(in thousands)
Current assets	$	125,883	$	58,099
Noncurrent assets	$	117,890	$	14,854
Current liabilities	$	133,586	$	39,207
Noncurrent liabilities	$	15,531	$	—
Noncontrolling interests	$	476	$	355

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Revenue	$	83,363	$	57,620	$	59,770
Operating income	$	23,691	$	24,673	$	27,443
Net income	$	18,048	$	18,652	$	20,481
Net income attributable to the common stockholders of the equity investees	$	17,927	$	18,670	$	20,400

The company reviews its nonconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For the year ended December 31, 2016, the Company recorded impairment charges related to these investments of $16.5 million as equity in losses (earnings) of nonconsolidated affiliates, primarily related to investments in a digital content company and an online merchandise company that are located in the United States. See Note 5—Fair Value Measurements for further discussion of the inputs used to determine the fair values. There were no significant impairments of investments in nonconsolidated affiliates during 2017 and 2015.

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NOTE 3—LONG-TERM DEBT

Long-term debt, which includes capital leases, consisted of the following:

		December 31,
		2017			2016
		(in thousands)
Senior Secured Credit Facility:
	Term loan A	$	175,750		$	187,625
	Term loan B	962,849			972,563
4.875% Senior Notes due 2024		575,000			575,000
5.375% Senior Notes due 2022		250,000			250,000
2.5% Convertible Senior Notes due 2019		275,000			275,000
Other long-term debt		99,393			104,397
Total principal amount		2,337,992			2,364,585
Less unamortized discounts and debt issuance costs		(38,033		)	(51,532		)
Total long-term debt, net of unamortized discounts and debt issuance costs		2,299,959			2,313,053
Less: current portion		347,593			53,317
Total long-term debt, net		$	1,952,366		$	2,259,736

Future maturities of long-term debt at December 31, 2017 are as follows:

	(in thousands)
2018	$	353,738
2019	42,240
2020	71,621
2021	114,546
2022	260,013
Thereafter	1,495,834
Total	$	2,337,992

All long-term debt without a stated maturity date is considered current and is reflected as maturing in the earliest period shown in the table above. See Note 5—Fair Value Measurements for discussion of fair value measurement of the Company’s long-term debt.

Senior Secured Credit Facility

In June 2017, the Company amended its term loan B under the senior secured credit facility reducing the applicable interest rate. At December 31, 2017, the Company’s senior secured credit facility consists of (i) a $190 million term loan A facility, (ii) a $970 million term loan B facility and (iii) a $365 million revolving credit facility. Subject to certain conditions, the Company has the right to increase the facility by an amount equal to the sum of $625 million and the aggregate principal amount of voluntary prepayments of the term B loans and permanent reductions of the revolving credit facility commitment, in each case, other than from proceeds of long-term indebtedness, and additional amounts so long as the senior secured leverage ratio calculated on a pro-forma basis (as defined in the credit agreement) is no greater than 3.25x. The revolving credit facility provides for borrowings up to the amount of the facility with sublimits of up to (i) $150 million for the issuance of letters of credit, (ii) $50 million for swingline loans, (iii) $200 million for borrowings in Euros or British Pounds and (iv) $50 million for borrowings in one or more other approved currencies. The senior secured credit facility is secured by (i) a first priority lien on substantially all of the tangible and intangible personal property of the Company’s domestic subsidiaries that are guarantors and (ii) a pledge of substantially all of the shares of stock, partnership interests and limited liability company interests of the Company’s direct and indirect domestic subsidiaries and 65% of each class of capital stock of any first-tier foreign subsidiaries, subject to certain exceptions.

The interest rates per annum applicable to revolving credit facility loans and the term loan A under the senior secured credit facility are, at the Company’s option, equal to either LIBOR plus 2.25% or a base rate plus 1.25%, subject to stepdowns based on the Company’s net leverage ratio. The interest rates per annum applicable to the term loan B are, at the Company’s

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option, equal to either LIBOR plus 2.25% or a base rate plus 1.25%. The Company is required to pay a commitment fee of 0.5% per year on the undrawn portion available under the revolving credit facility, subject to a stepdown based on the Company’s net leverage ratio, and variable fees on outstanding letters of credit.

For the term loan A, the Company is required to make quarterly payments increasing over time from $4.8 million to $28.5 million, with the balance due at maturity in October 2021. For the term loan B, the Company is required to make quarterly payments of $2.4 million, with the balance due at maturity in October 2023. The revolving credit facility matures in October 2021. The Company is also required to make mandatory prepayments of the loans under the credit agreement, subject to specified exceptions, from excess cash flow and with the proceeds of asset sales, debt issuances and other specified events.

Based on the Company’s outstanding letters of credit of $83.8 million, $281.2 million was available for future borrowings under the revolving credit facility at December 31, 2017.

4.875% Senior Notes

At December 31, 2017, the Company had $575 million principal amount of 4.875% senior notes due 2024. Interest on the notes is payable semi-annually in cash in arrears on May 1 and November 1 of each year beginning on May 1, 2017, and the notes will mature on November 1, 2024. The Company may redeem some or all of the notes, at any time prior to November 1, 2019, at a price equal to 100% of the aggregate principal amount, plus any accrued and unpaid interest to the date of redemption, plus a ‘make-whole’ premium. The Company may redeem up to 35% of the aggregate principal amount of the notes from the proceeds of certain equity offerings prior to November 1, 2019, at a price equal to 104.875% of the aggregate principal amount, plus accrued and unpaid interest thereon, if any, to the date of redemption. In addition, on or after November 1, 2019, the Company may redeem some or all of the notes at any time at the redemption prices that start at 103.656% of their principal amount, plus any accrued and unpaid interest to the date of redemption. The Company must make an offer to redeem the notes at 101% of their aggregate principal amount, plus accrued and unpaid interest to the repurchase date, if it experiences certain defined changes of control.

5.375% Senior Notes

At December 31, 2017, the Company had $250 million principal amount of 5.375% senior notes due 2022 outstanding. Interest on the notes is payable semiannually in arrears on June 15 and December 15, and the notes will mature on June 15, 2022. The Company may redeem at its option some or all of the notes at redemption prices that start at 104.0313% of their principal amount, plus any accrued and unpaid interest to the date of redemption. The Company must make an offer to redeem the notes at 101% of the aggregate principal amount, plus any accrued and unpaid interest to the repurchase date, if it experiences certain defined changes of control.

2.5% Convertible Senior Notes

At December 31, 2017, the Company had $275 million principal amount of convertible senior notes due 2019 outstanding. The notes pay interest semiannually in arrears on May 15 and November 15 at a rate of 2.5% per annum. The notes will mature on May 15, 2019, and may not be redeemed by the Company prior to the maturity date. The notes will be convertible, under certain circumstances, until November 15, 2018, and on or after such date without condition, at an initial conversion rate of 28.8363 shares of the Company’s common stock per $1,000 principal amount of notes, subject to adjustment, which represents a 52.5% conversion premium based on the last reported sale price for the Company’s common stock of $22.74 on May 19, 2014. Upon conversion, the notes may be settled in shares of common stock or, at the Company’s election, cash or a combination of cash and shares of common stock. Assuming the Company fully settled the notes in shares, the maximum number of shares that could be issued to satisfy the conversion is currently 7.9 million.

If the Company experiences a fundamental change, as defined in the indenture governing the notes, the holders of the 2.5% convertible senior notes may require the Company to purchase for cash all or a portion of their notes, subject to specified exceptions, at a price equal to 100% of the principal amount of the notes plus accrued and unpaid interest, if any.

The carrying amount of the equity component of the notes is $22.0 million and the principal amount of the liability component (face value of the notes) is $275 million. As of December 31, 2017, the remaining period for the debt discount was approximately one year and the value of the notes, if converted and fully settled in shares, exceed the principal amount of the notes by $62.6 million. As of December 31, 2017 and 2016, the effective interest rate on the liability component of the notes was 5.0%.

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The following table summarizes the amount of pre-tax interest cost recognized on the 2.5% convertible senior notes:

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Interest cost recognized relating to:
Contractual interest coupon	$	6,875	$	6,875	$	6,856
Amortization of debt discount	5,080		4,833		4,599
Amortization of debt issuance costs	1,358		1,358		1,355
Total interest cost recognized on the notes	$	13,313	$	13,066	$	12,810

Other Long-term Debt

As of December 31, 2017, other long-term debt includes capital leases of $14.2 million, debt to noncontrolling interest partners of $44.0 million and $17.8 million of a subsidiary’s term loan and revolving credit facility. Total notes payable consist primarily of 34 notes with a weighted average cost of debt of 4.3% and maturities of up to four years.

Debt Extinguishment

In October 2016, the Company issued $575 million principal amount of 4.875% senior notes due 2024 and amended its senior secured credit facility. The amendment to the senior secured credit facility provided the existing term loan A and term loan B lenders with an option to convert their outstanding principal amounts into the new term loans. Excluding the outstanding principal amounts for lenders who elected to convert their outstanding term loans, total proceeds of $858.5 million were used to repay $123.3 million outstanding principal amount of the Company’s borrowings under the senior secured credit facility, to repay the entire $425 million principal amount of the Company’s 7% senior notes due 2020 and to pay the related redemption premium of $14.9 million on the 7% senior notes and accrued interest and fees of $38.4 million, leaving $256.9 million in additional cash available for general corporate purposes. The Company recorded $14.0 million as a loss on extinguishment of debt related to this refinancing in 2016. There were no significant gains or losses on extinguishment of debt recorded in 2017 or 2015.

Debt Covenants

The Company’s senior secured credit facility contains a number of restrictions that, among other things, require the Company to satisfy a financial covenant and restrict the Company’s and its subsidiaries’ ability to incur additional debt, make certain investments and acquisitions, repurchase its stock and prepay certain indebtedness, create liens, enter into agreements with affiliates, modify the nature of its business, enter into sale-leaseback transactions, transfer and sell material assets, merge or consolidate, and pay dividends and make distributions (with the exception of subsidiary dividends or distributions to the parent company or other subsidiaries on at least a pro-rata basis with any noncontrolling interest partners). Non-compliance with one or more of the covenants and restrictions could result in the full or partial principal balance of the credit facility becoming immediately due and payable. The senior secured credit facility agreement has a covenant, measured quarterly, that relates to total leverage. The consolidated total leverage covenant requires the Company to maintain a ratio of consolidated total funded debt to consolidated EBITDA (both as defined in the credit agreement) of 5.25x over the trailing four consecutive quarters through September 30, 2018. The consolidated total leverage ratio will reduce to 5.0x on December 31, 2018, 4.75x on December 31, 2019 and 4.5x on December 31, 2020.

The indentures governing the 4.875% senior notes and the 5.375% senior notes contain covenants that limit, among other things, the Company’s ability and the ability of its restricted subsidiaries to incur certain additional indebtedness and issue preferred stock, make certain distributions, investments and other restricted payments, sell certain assets, agree to any restrictions on the ability of restricted subsidiaries to make payments to the Company, merge, consolidate or sell all of the Company’s assets, create certain liens, and engage in transactions with affiliates on terms that are not arms-length. Certain covenants, including those pertaining to incurrence of indebtedness, restricted payments, asset sales, mergers and transactions with affiliates will be suspended during any period in which the notes are rated investment grade by both rating agencies and no default or event of default under the indenture has occurred and is continuing. The 4.875% senior notes and the 5.375% senior notes contain two incurrence-based financial covenants, as defined, requiring a minimum fixed charge coverage ratio of 2.0x and a maximum secured indebtedness leverage ratio of 3.50x.

Some of the Company’s other subsidiary indebtedness includes restrictions on entering into various transactions, such as acquisitions and disposals, and prohibits payment of ordinary dividends. They also have financial covenants including minimum consolidated EBITDA to consolidated net interest payable, minimum consolidated cash flow to consolidated debt service and maximum consolidated debt to consolidated EBITDA, all as defined in the applicable debt agreements.

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As of December 31, 2017, the Company believes it was in compliance with all of its debt covenants. The Company expects to remain in compliance with all of these covenants throughout 2018.

NOTE 4—DERIVATIVE INSTRUMENTS

The Company primarily uses forward currency contracts and options to reduce its exposure to foreign currency risk associated with short-term artist fee commitments. The Company may also enter into forward currency contracts to minimize the risks and/or costs associated with changes in foreign currency rates on forecasted operating income. At December 31, 2017 and 2016, the Company had forward currency contracts and options outstanding with notional amounts of $72.4 million and $173.8 million, respectively. These instruments have not been designated as hedging instruments and any change in fair value is reported in earnings during the period of the change. The Company’s foreign currency derivative activity, including the related fair values, are not material to any period presented.

The Company does not enter into derivative instruments for speculative or trading purposes and does not anticipate any significant recognition of derivative activity through the income statement in the future related to the instruments currently held. See Note 5—Fair Value Measurements for further discussion and disclosure of the fair values for the Company’s derivative instruments.

NOTE 5—FAIR VALUE MEASUREMENTS

Recurring

The Company currently has various financial instruments carried at fair value, such as marketable securities, derivatives and contingent consideration, but does not currently have nonfinancial assets and liabilities that are required to be measured at fair value on a recurring basis. The Company’s financial assets and liabilities are measured using inputs from all levels of the fair value hierarchy as defined in the FASB guidance for fair value. For this categorization, only inputs that are significant to the fair value are considered. The three levels are defined as follows:

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date.

Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (i.e., market corroborated inputs).

Level 3—Unobservable inputs that reflect assumptions about what market participants would use in pricing the asset or liability. These inputs would be based on the best information available, including the Company’s own data.

In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis, which are classified on the balance sheets as cash and cash equivalents, other current assets, other current liabilities and other long-term liabilities:

	Fair Value Measurements   at December 31, 2017								Fair Value Measurements   at December 31, 2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
			(in thousands)								(in thousands)
Assets:
Cash equivalents	$	58,063	$	—	$	—	$	58,063	$	55,081	$	—	$	—	$	55,081
Forward currency contracts	—		114		—		114		—		2,957		—		2,957
Total	$	58,063	$	114	$	—	$	58,177	$	55,081	$	2,957	$	—	$	58,038
Liabilities:
Forward currency contracts	—		1,276		—		1,276		—		363		—		363
Put option	—		—		5,768		5,768		—		—		5,147		5,147
Contingent consideration	—		—		70,039		70,039		—		—		44,195		44,195
Total	$	—	$	1,276	$	75,807	$	77,083	$	—	$	363	$	49,342	$	49,705

Cash equivalents consist of money market funds. Fair values for cash equivalents are based on quoted prices in an active market. Fair values for forward currency contracts are based on observable market transactions of spot and forward rates.

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A third party has a put option to sell its noncontrolling interest in one of the Company’s subsidiaries to the Company and is carried at fair value using Level 3 inputs because the redemption date and redemption amount are not fixed. The put option is triggered by the occurrence of specific events, one of which is certain to occur, and requires the Company to buy the noncontrolling interest. The redemption amount for this put option is a variable amount based on a formula linked to historical earnings. The Company has recorded a current liability for this put option which is valued based on the historic results of that subsidiary. Changes in the fair value are recorded in selling, general and administrative expenses.

The Company has certain contingent consideration obligations related to acquisitions which are measured at fair value using Level 3 inputs. The amounts due to the sellers are based on the achievement of agreed-upon financial performance metrics by the acquired companies where the contingent obligation is either earned or not earned. The Company records the liability at the time of the acquisition based on the present value of management’s best estimates of the future results of the acquired companies compared to the agreed-upon metrics. Subsequent to the date of acquisition, the Company updates the original valuation to reflect current projections of future results of the acquired companies and the passage of time. Accretion of, and changes in the valuations of, contingent consideration are reported in selling, general and administrative expenses. See Note 6—Commitments and Contingent Liabilities for additional information related to the contingent payments.

Due to their short maturity, the carrying amounts of accounts receivable, accounts payable and accrued expenses approximated their fair values at December 31, 2017 and 2016.

The Company’s outstanding debt held by third-party financial institutions is carried at cost, adjusted for discounts or debt issuance costs. The Company’s debt is not publicly traded and the carrying amounts typically approximate fair value for debt that accrues interest at a variable rate, which are considered to be Level 2 inputs. The estimated fair values of the Company’s 5.375% senior notes, 4.875% senior notes and the 2.5% convertible senior notes were $259.2 million, $592.3 million and $310.6 million, respectively, at December 31, 2017. The estimated fair values of the 5.375% senior notes, 4.875% senior notes and the 2.5% convertible senior notes were $259.7 million, $578.5 million and $294.6 million, respectively, at December 31, 2016. The estimated fair value of the Company’s third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs. The Company has fixed-rate debt held by noncontrolling interest partners with a face value of $44.0 million and $35.7 million at December 31, 2017 and 2016, respectively. The Company is unable to determine a fair value for this debt.

Non-recurring

The following table shows the fair value of the Company’s financial assets that have been adjusted to fair value on a non-recurring basis which had a significant impact on the Company’s results of operations for the years ended December 31, 2017 and 2016:

	Fair Value		Fair Value Measurements Using						Loss
Description	Measurement		Level 1		Level 2		Level 3		(Gain)
	(in thousands)
2017
Goodwill	$	30,832	$	—	$	—	$	30,832	$	20,000
2016
Investment in nonconsolidated affiliates	$	—	$	—	$	—	$	—	$	16,455

During 2017, in conjunction with the Company’s annual impairment tests a goodwill impairment was recorded for the Artist Services (non-management) reporting unit in the Concerts segment in the amount of $20.0 million as a component of depreciation and amortization. The Company calculated these impairments using a combination of a discounted cash flow methodology, which uses both Level 2 and Level 3 inputs, and a market multiple methodology, which uses primarily Level 2 inputs. These key inputs include discount rates, market multiples, control premiums, revenue growth and estimates of future financial performance. See Note 1—The Company and Summary of Significant Accounting Policies and Note 2—Long-Lived Assets for further discussion of the Company’s methodology and this impairment.

As discussed in Note 2—Long-Lived Assets, during 2016, the Company believed certain of its investment balances were impaired based on financial information received regarding the bankruptcy or dissolution of two nonconsolidated affiliates, which are considered Level 3 inputs. There were no significant adjustments for the year ended December 31, 2017.

During 2015, the Company recorded gains related to investments in nonconsolidated affiliates of $9.1 million as a component of other expense (income), net. The gains were related to the acquisitions of a controlling interest in a festival promoter and an artist management business, and the remaining interest in a ticketing business, which were previously accounted for under the equity method. Prior to consolidation, the Company remeasured these investments to fair value using a discounted cash flow methodology. The key inputs in these fair value measurements include future cash flow projections,

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including revenue and profit margins, discount rates and attrition rates. The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs.

NOTE 6—COMMITMENTS AND CONTINGENT LIABILITIES

The Company leases office space, certain equipment and many of its concert venues. Some of the lease agreements contain renewal options and annual rental escalation clauses (generally tied to the consumer price index), as well as provisions for the payment of utilities and maintenance by the Company. The Company also has non-cancelable contracts related to minimum performance payments with various artists, other event-related costs and nonrecoupable ticketing contract advances. In addition, the Company has commitments relating to additions to property, plant, and equipment under certain construction commitments for facilities and venues.

As of December 31, 2017, the Company’s future minimum rental commitments under non-cancelable operating lease agreements, minimum payments under non-cancelable contracts and capital expenditure commitments consist of the following:

	Non-cancelable Operating Leases		Non-cancelable Contracts		Capital Expenditures
	(in thousands)
2018	$	175,863	$	897,266	$	16,499
2019	170,751		235,324		3,889
2020	156,278		76,546		3,764
2021	126,317		39,076		4,181
2022	115,849		27,204		872
Thereafter	1,423,288		96,985		30,933
Total	$	2,168,346	$	1,372,401	$	60,138

Commitment amounts for non-cancelable operating leases and non-cancelable contracts which stipulate an increase in the commitment amount based on an inflationary index have been estimated using an inflation factor of 1.8% for North America, 2.9% for the United Kingdom, 1.7% for Denmark and 1.6% for the Netherlands.

Aggregate minimum rentals of $47.7 million to be paid to the Company in years 2018 through 2032 under non-cancelable subleases are excluded from the commitment amounts in the above table.

Total rent expense charged to operations for 2017, 2016 and 2015 was $220.1 million, $196.0 million and $159.5 million, respectively. In addition to the minimum rental commitments included in the table above, the Company has leases that contain contingent payment requirements for which payments vary depending on revenue, tickets sold or other variables. Contingent rent expense charged to operations for 2017, 2016 and 2015 was $48.3 million, $49.0 million and $43.7 million, respectively. The above table above does not include contingent rent or rent expense for events in third-party venues.

In connection with asset and business disposals, the Company generally provides indemnifications to the buyers including claims resulting from employment matters, commercial claims and governmental actions that may be taken against the assets or businesses sold. Settlement of these claims is subject to various statutory limitations that are dependent upon the nature of the claim.

Certain agreements relating to acquisitions provide for deferred purchase consideration payments at future dates. A liability is established at the time of the acquisition for these fixed payments. For obligations payable at a date greater than twelve months from the acquisition date, the Company applies a discount rate to calculate the present value of the obligations. As of December 31, 2017, the Company has accrued $109.6 million in other current liabilities and $6.1 million in other long-term liabilities and, as of December 31, 2016, the Company had accrued $18.1 million in other current liabilities and $7.2 million in other long-term liabilities, related to these deferred purchase consideration payments. The increase in other current liabilities during 2017 is primarily due to the timing of payment for the acquisition of the redeemable noncontrolling interest in a festival and concert promoter business located in the United States following the put redemption in December 2017.

The Company has contingent obligations related to acquisitions which are accounted for as business combinations. Contingent consideration associated with business combinations is recorded at fair value at the time of the acquisition and reflected at current fair value for each subsequent reporting period thereafter until settled. The Company records these fair value changes in its statements of operations as selling, general and administrative expenses. The contingent consideration is generally subject to payout following the achievement of future performance targets and a portion is expected to be payable in the next twelve months. As of December 31, 2017, the Company has accrued $34.2 million in other current liabilities and $35.8 million in other long-term liabilities and, as of December 31, 2016, the Company had accrued $5.2 million in other current liabilities and $39.0 million in other long-term liabilities, representing the fair value of these estimated payments. The last

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contingency period for which the Company has an outstanding contingent payment is for the period ending March 2026. See Note 5—Fair Value Measurements for further discussion related to the valuation of these contingent payments.

During 2006, in connection with the Company’s acquisition of a theatrical business, the Company guaranteed obligations related to a lease agreement. In the event of default, the Company could be liable for obligations through the end of 2035 which have future lease payments (undiscounted) of approximately $15.3 million as of December 31, 2017. The scheduled future minimum rentals for this lease for the years 2018 through 2022 are $1.6 million each year. The venues under the lease agreement were included in the sale of the Company’s North American theatrical business in 2008. The buyer has assumed the Company’s obligations under the guaranty, however, the Company remains contingently liable to the lessor. The Company believes that the likelihood of a material liability being triggered under this lease is remote, and no liability has been accrued for these contingent lease obligations as of December 31, 2017.

As of December 31, 2017 and 2016, the Company guaranteed the debt of third parties of approximately $18.3 million and $18.0 million, respectively, primarily related to maximum credit limits on employee and tour-related credit cards, obligations of a nonconsolidated affiliate and obligations under a venue management agreement.

Litigation

Songkick

In December 2015, a company referred to as Songkick filed an antitrust lawsuit against Live Nation and Ticketmaster L.L.C. in the United States District Court for the Central District of California. The suit alleged, among other complaints, that the defendants monopolized certain markets and engaged in certain exclusionary and anticompetitive conduct, ultimately causing harm to Songkick in a product market that it refers to as “artist presale ticketing services.” In the spring of 2016, Live Nation and Ticketmaster L.L.C. prevailed in a partial motion to dismiss, and shortly thereafter asserted counterclaims against Songkick, alleging that Songkick tortiously interfered with Ticketmaster’s venue contracts. In February 2017, Songkick filed an amended complaint, adding claims of trade secret misappropriation, statutory violations and related causes of action, arising from certain alleged conduct by a former Songkick employee who had gone to work for Ticketmaster.

In October 2017, the Court granted in part Live Nation’s motion to prevent Songkick’s damages expert from testifying, but declined to grant Live Nation’s motion for summary judgment. Following those rulings, Songkick was left with an antitrust claim (subject to treble damages) for lost profits and lost enterprise value, tort claims seeking the same, and a claim for unjust enrichment damages arising from alleged trade secret misappropriation. In January 2018, the Company and Songkick entered into a settlement agreement containing a mutual release of claims, thus resolving each party’s claims and counterclaims. Pursuant to the settlement agreement, in January 2018 the Company made a lump sum payment of $110.0 million, which has been accrued at December 31, 2017, and the parties jointly filed a stipulation of dismissal under which the parties dismissed with prejudice their respective claims and counterclaims. In a separate, concurrent transaction, the Company additionally purchased certain assets from Songkick, including its anti-scalping algorithm, API applications and patent portfolio.

Other Litigation

From time to time, the Company is involved in other legal proceedings arising in the ordinary course of its business, including proceedings and claims based upon purported violations of antitrust laws, intellectual property rights and tortious interference, which could cause the Company to incur significant expenses. The Company has also been the subject of personal injury and wrongful death claims relating to accidents at its venues in connection with its operations. As required, the Company has accrued its estimate of the probable settlement or other losses for the resolution of any outstanding claims. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, including, in some cases, estimated redemption rates for the settlement offered, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings.

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NOTE 7—CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS

Transactions Involving Related Parties

The following table provides details of the total revenue earned and expenses incurred from all related-party transactions:

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Related-party revenue	$	135,996	$	123,521	$	109,720
Related-party expenses	$	14,176	$	8,996	$	8,668
Related-party acquisition related	$	—	$	2,145	$	—

The significant related-party transactions included in the table above are detailed below.

As of December 31, 2017 and 2016, the Company has payable balances of $23.1 million and $20.9 million, respectively, due to certain of the companies noted below.

Liberty Media

Two current members of our board of directors were originally nominated by Liberty Media pursuant to a stockholder agreement. These directors receive directors’ fees and stock-based awards on the same basis as other non-employee members of the Company’s board of directors.

The Company leases a venue from and provides ticketing services to a sports franchise owned by Liberty Media and pays royalty fees and non-recoupable ticketing contract advances to the sports franchise. The Company also receives transaction fees from the sports franchise for tickets the sports franchise sells using the Company’s ticketing software. From time to time, the Company purchases advertising from a satellite radio company that is a subsidiary of Liberty Media.

Legends

The Company’s Chief Executive Officer became a member of the board of directors of Legends Hospitality Holding Company, LLC (“Legends”) in February 2015. In 2017, the Company’s President assumed this role from the Chief Executive Officer. Legends provides concession services to certain of the Company’s owned or operated amphitheaters. The Company receives fees based on concession sales at each of the amphitheaters.

Senior Management

The Company conducts certain transactions in the ordinary course of business with companies that are owned, in part or in total, by certain members of senior management of the Company. These transactions primarily relate to ticketing services.

Transactions Involving Equity Method Investees

The Company conducts business with certain of its equity method investees in the ordinary course of business. Transactions primarily relate to venue rentals and ticketing services. Revenue of $2.8 million, $2.0 million and $2.0 million were earned in 2017, 2016 and 2015, respectively, and expenses of $1.8 million, $3.2 million and $1.5 million were incurred in 2017, 2016 and 2015, respectively, from these equity investees for services rendered or provided in relation to these business ventures.

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NOTE 8—INCOME TAXES

Significant components of the provision for income tax expense (benefit) are as follows:

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Current:
Federal	$	(702	)	$	564		$	543
Foreign	50,970			29,902			23,811
State	4,117			5,454			7,379
Total current	54,385			35,920			31,733
Deferred:
Federal	(56,442		)	5,113			(355		)
Foreign	(15,841		)	(11,703		)	(8,278		)
State	744			(1,301		)	(978		)
Total deferred	(71,539		)	(7,891		)	(9,611		)
Income tax expense (benefit)	$	(17,154	)	$	28,029		$	22,122

The domestic income (loss) before income taxes was $(132.6) million, $1.1 millionand$(21.4) millionfor2017, 2016and2015, respectively. Foreign income before income taxes was $123.2 million, $47.2 million and $27.8 million for 2017, 2016 and 2015, respectively.

Significant components of the Company’s deferred tax liabilities and assets are as follows:

	December 31,
	2017			2016
	(in thousands)
Deferred tax liabilities:
Intangible assets	$	132,041		$	189,131
Prepaid expenses	7,882			8,770
Long-term debt	1,229			3,835
Other	7,533			6,077
Total deferred tax liabilities	148,685			207,813
Deferred tax assets:
Accrued expenses	68,168			45,839
Net operating loss carryforwards	466,023			563,461
Foreign tax and other credit carryforwards	62,136			59,977
Equity compensation	20,549			32,452
Other	2,725			—
Total gross deferred tax assets	619,601			701,729
Valuation allowance	596,437			681,566
Total deferred tax assets	23,164			20,163
Net deferred tax liabilities	$	(125,521	)	$	(187,650	)

Each reporting period, the Company evaluates the realizability of all of its deferred tax assets in each tax jurisdiction. As of December 31, 2017, the Company continued to maintain a full valuation allowance against its net deferred tax assets in certain jurisdictions due to sustained pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for losses incurred in those tax jurisdictions in 2017, 2016 and 2015. The reduction in individual deferred tax liabilities and deferred tax assets in 2017 is primarily a result of revaluation of the federal deferred tax balances due to United States tax reform. The valuation allowance balance reduction in 2017 is primarily a result of the reduction in the net United States deferred tax assets revalued using the newly enacted federal tax rate of 21%.

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During 2017 and 2016, the Company recorded net deferred tax liabilities of $9.0 million and $15.9 million, respectively, due principally to differences in financial reporting and tax bases in assets acquired in business combinations.

As of December 31, 2017, the Company has United States federal, state and foreign deferred tax assets related to net operating loss carryforwards of $123.1 million, $63.5 million and $279.4 million, respectively. Based on current statutory carryforward periods, these losses will expire on various dates beginning in 2025. The Company’s federal net operating loss is subject to statutory limitations on the amount that can be used in any given year.

The reconciliation of income tax computed at the United States federal statutory rates to income tax expense (benefit) is:

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Income tax expense (benefit) at United States statutory rates	$	(3,283	)	$	16,914		$	2,223
State income taxes, net of federal tax benefits	1,544			3,264			3,959
Differences between foreign and United States statutory rates	(10,887		)	(11,116		)	(5,356		)
United States tax reform rate change	(55,685		)	—			—
Non-United States income inclusions and exclusions	3,826			(2,749		)	655
United States income inclusions and exclusions	11,347			(1,317		)	2,095
Nondeductible items	11,380			3,210			4,736
Tax contingencies	1,955			2,390			2,063
Tax expense from acquired goodwill	4,489			5,936			4,483
Change in valuation allowance	18,067			11,820			7,116
Other, net	93			(323		)	148
	$	(17,154	)	$	28,029		$	22,122

Income tax expense is principally attributable to the Company’s earnings in foreign tax jurisdictions along with state income taxes.

Amounts included in differences between foreign and United States statutory rates are impacted by changes in the mix of international earnings subject to various tax rates which can differ greatly in their proximity to the United States statutory rate. In 2015, there was an increase in taxable foreign earnings in jurisdictions whose statutory rates are closer to the United States statutory rate which reduced the amount of this difference as compared to other years. The differences between statutory rates is also impacted by the Company’s Luxembourg affiliates and tax rulings which include the application of a reduced Luxembourg effective rate to the net income before tax resulting from the Company’s financing activities in Luxembourg.

On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was enacted, which amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. For businesses, the TCJA reduces the corporate federal tax rate from a maximum of 35% to a flat 21% rate. The rate reduction will take effect on January 1, 2018. The TCJA will cause the Company’s United States deferred tax assets and liabilities to be revalued. Deferred income taxes result from temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. The provisional amount recorded to revalue our United States net deferred tax liability balance was a $55.7 million income tax benefit in the Company’s consolidated statement of operations for the year ended December 31, 2017.

The change in the United States income exclusions and inclusions increased due to the one-time transition tax liability under the TCJA. The international provisions of the TCJA, which generally establish a territorial-style system for taxing foreign-sourced income of domestic multinational corporations, includes the requirement that companies pay a one-time transition tax on earnings of certain foreign-sourced subsidiaries that were previously tax-deferred and creates new taxes on certain foreign-sourced earnings. The Company recorded an estimated amount for the one-time transition liability for its foreign subsidiaries of approximately $25.8 million, which does not impact income tax expense for 2017 since the Company has reflected the transition tax liability as a reduction to existing fully-valued tax attribute carryforwards. Additional work is necessary for a more detailed analysis of the Company’s deferred tax assets and liabilities and its historical foreign earnings as well as potential correlative adjustments. Any subsequent adjustment to the amount will be recorded in the quarter of 2018 when the analysis is complete, but is not anticipated to impact tax expense due to the existence of the aforementioned fully-

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valued tax attribute carryforwards. The transition tax inclusion was partially offset by an exclusion pertaining to tax deductions the Company receives for the vesting of restricted shares and non-qualified stock options.

Nondeductible items in 2017 include the Company’s goodwill impairment for Artist Services, which was not deductible for income tax purposes. There were no impairments of goodwill in 2016 or 2015.

The change in the valuation allowance in 2017 and 2016 resulted primarily from changes in the income within jurisdictions with full valuation allowances, including the United States.

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Balance at January 1	$	15,117		$	14,022		$	12,619
Additions:
Increase for current year positions	807			—			1,606
Increase for prior year positions	15,498			1,978			274
Decrease for prior year positions	—			(3		)	—
Interest and penalties for prior years	2,745			546			525
Reductions:
Expiration of applicable statute of limitations	(1,233		)	—			—
Settlements for prior year positions	(2,033		)	(1,188		)	(852		)
Foreign exchange	(271		)	(238		)	(150		)
Balance at December 31	$	30,630		$	15,117		$	14,022

If the Company were to prevail on all uncertain tax positions, the net effect would be a decrease to its income tax provision of approximately $16.8 million. The remaining $13.8 million is offset by deferred tax assets that represent tax benefits that would be received in the event that the Company did not prevail on all uncertain tax positions. It is not expected that the total amounts of unrecognized tax benefits will increase or decrease materially within the next year.

The Company regularly assesses the likelihood of additional assessments in each taxing jurisdiction resulting from current and subsequent years’ examinations. Liabilities for income taxes are established for future income tax assessments when it is probable there will be future assessments and the amount can be reasonably estimated. Once established, liabilities for uncertain tax positions are adjusted only when there is more information available or when an event occurs necessitating a change to the liabilities. The Company believes that the resolution of income tax matters for open years will not have a material effect on its consolidated financial statements although the resolution of income tax matters could impact the Company’s effective tax rate for a particular future period.

The tax years 2009 through 2017 remain open to examination by the primary tax jurisdictions to which the company is subject.

NOTE 9—EQUITY

Dividends

The Company currently intends to retain future earnings, if any, to finance the expansion of its business. Therefore, it does not expect to pay any cash dividends in the foreseeable future. Moreover, the terms of the Company’s senior secured credit facility limit the amount of funds that the Company will have available to declare and distribute as dividends on its common stock. Payment of future cash dividends, if any, will be at the discretion of the Company’s board of directors in accordance with applicable laws after taking into account various factors, including the financial condition, operating results, current and anticipated cash needs, plans for expansion and contractual restrictions with respect to the payment of dividends.

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Common Stock

Issued shares of common stock reported on the balance sheets include 1.6 million and 1.1 million, at December 31,2017 and 2016, respectively, of unvested restricted stock awards that have not been included in the common shares issued reported on the statements of changes in equity. These shares will be reflected in the statements of changes in equity at the time of vesting.

During 2017, 2016 and 2015, the Company issued 3.5 million, 1.4 million and 1.6 million shares, respectively, of common stock in connection with stock option exercises and vesting of restricted stock awards.

Common Stock Reserved for Future Issuance

Common stock of approximately 25.8 million shares as of December 31, 2017 is reserved for future issuances under the stock incentive plan (including 14.2 million options, 1.6 million restricted stock awards and 2.5 million of deferred stock awards currently granted).

Noncontrolling Interests

Common securities held by the noncontrolling interests that do not include put arrangements exercisable outside of the control of the Company are recorded in equity, separate from the Company’s stockholders’ equity.

The purchase or sale of additional ownership in an already controlled subsidiary is recorded as an equity transaction with no gain or loss recognized in net income (loss) or comprehensive income (loss) as long as the subsidiary remains a controlled subsidiary. In 2017, the Company acquired all or additional equity interests in several companies that did not have a significant impact to equity either on an individual basis or in the aggregate. In 2016, the Company acquired all or additional equity interests in two artist management businesses located in the United States along with other smaller companies. In 2015, a subsidiary of the Company exchanged its equity interest in a ticketing business for a noncontrolling interest in the Company’s subsidiary that acquired the remaining equity interest of that ticketing business. In addition, the Company acquired the remaining equity interest in an artist management business in the United Kingdom. The following schedule reflects the change in ownership interests for these transactions:

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Net income (loss) attributable to common stockholders of Live Nation	$	(6,015	)	$	2,942		$	(32,508	)
Transfers of noncontrolling interest:
Changes in Live Nation’s additional paid-in capital for purchases of noncontrolling interests, net of transaction costs	(3,616		)	(49,111		)	(6,555		)
Changes in Live Nation’s additional paid-in capital for sales of noncontrolling interests, net of transaction costs	—			1,424			11,899
Net transfers of noncontrolling interest	(3,616		)	(47,687		)	5,344
Change from net income (loss) attributable to common stockholders of Live Nation and net transfers of noncontrolling interests	$	(9,631	)	$	(44,745	)	$	(27,164	)

Redeemable Noncontrolling Interests

The Company is subject to put arrangements where the holders of the noncontrolling interests can require the Company to repurchase their shares at specified dates in the future or within specified periods in the future. Certain of these puts can be exercised earlier upon the occurrence of triggering events as specified in the agreements. The redemption amounts for these puts are either at a fixed amount, at fair value at the time of exercise or a variable amount based on a formula linked to earnings. In accordance with the FASB guidance for business combinations, the redeemable noncontrolling interests are recorded at their fair value at acquisition date. For put arrangements that are not currently redeemable, the Company accretes up to the estimated redemption value over the period from the date of issuance to the earliest redemption date of the individual puts, with the offset recorded to additional paid-in capital. Decreases in accretion are only recognized to the extent that increases had been previously recognized. The estimated redemption values that are based on a formula linked to future earnings are computed using projected cash flows each reporting period which take into account the current expectations regarding profitability and the timing of revenue-generating events. The balances are reflected in the Company’s balance sheets as redeemable noncontrolling interests outside of permanent equity. The decrease during the current year is primarily due to the acquisition of the remaining interest in a festival and concert promoter business located in the United States upon the exercise of the related put in December 2017.

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The Company’s estimate of redemption amounts for puts that are redeemable at fixed or determinable prices on fixed or determinable dates for the years ended December 31, 2018, 2019, 2020, 2021 and 2022 are $1.5 million, $101.6 million, $87.6 million, $61.7 million and $25.6 million, respectively. The estimate for 2018 has decreased primarily due to the December 2017 put redemption noted above that was originally estimated to likely occur later in the redemption period.

Accumulated Other Comprehensive Income (Loss)

The following table presents changes in the components of AOCI, net of taxes, for the years ended December 31, 2017, 2016 and 2015:

	Foreign Currency Items			Other			Total
	(in thousands)
Balance at December 31, 2014	$	(69,404	)	$	(606	)	$	(70,010	)
Other comprehensive income (loss) before reclassifications	(41,895		)	223			(41,672		)
Amount reclassified from AOCI	—			25			25
Net other comprehensive income (loss)	(41,895		)	248			(41,647		)
Balance at December 31, 2015	(111,299		)	(358		)	(111,657		)
Other comprehensive loss before reclassifications	(64,947		)	(103		)	(65,050		)
Amount reclassified from AOCI	—			—			—
Net other comprehensive loss	(64,947		)	(103		)	(65,050		)
Balance at December 31, 2016	(176,246		)	(461		)	(176,707		)
Other comprehensive income before reclassifications	67,704			—			67,704
Amount reclassified from AOCI	—			461			461
Net other comprehensive income	67,704			461			68,165
Balance at December 31, 2017	$	(108,542	)	$	—		$	(108,542	)

The realized loss in other reclassified from AOCI during 2017 resulted from the termination of a pension plan. The realized loss in other reclassified from AOCI during 2015 consists of one interest rate swap agreement that expired on June 30, 2015.

Earnings per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share adjusts basic net income per common share for the effects of stock options, restricted stock and other potentially dilutive financial instruments only in the periods in which such effect is dilutive. The Company’s convertible senior notes are considered in the calculation of diluted net income per common share, if dilutive.

The calculation of diluted net income per common share includes the effects of the assumed exercise of any outstanding stock options, the assumed vesting of shares of restricted stock awards and the assumed conversion of the convertible senior notes where dilutive. For the years ended December 31, 2017, 2016 and 2015 there were no reconciling items to the weighted average common shares outstanding in the calculation of diluted net income per common share. The following table shows securities excluded from the calculation of diluted net income per common share because such securities were anti-dilutive:

	Year Ended December 31,
	2017	2016	2015
Options to purchase shares of common stock	14,238,589	16,283,434	16,308,739
Restricted and deferred stock awards—unvested	4,106,956	1,079,783	860,646
Conversion shares related to convertible senior notes	7,929,982	7,929,982	7,929,982
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	26,275,527	25,293,199	25,099,367

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NOTE 10—STOCK-BASED COMPENSATION

In December 2005, the Company adopted its 2005 Stock Incentive Plan, which has been amended and/or restated on several occasions. In connection with the Company’s merger with Ticketmaster Entertainment LLC, the Company adopted the Amended and Restated Ticketmaster 2008 Stock & Annual Incentive Plan. The plans authorize the Company to grant stock option awards, director shares, stock appreciation rights, restricted stock and deferred stock awards, other equity-based awards and performance awards. The Company has granted restricted stock awards, options to purchase its common stock and deferred stock awards to employees, directors and consultants of the Company and its affiliates under the stock incentive plans at no less than the fair market value of the underlying stock on the date of grant. The stock incentive plans contain anti-dilutive provisions that require the adjustment of the number of shares of the Company’s common stock represented by, and the exercise price of, each option for any stock splits or stock dividends.

The following is a summary of stock-based compensation expense recorded by the Company during the respective periods:

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Selling, general and administrative expenses	$	24,364	$	15,687	$	16,380
Corporate expenses	18,391		17,036		16,981
Total	$	42,755	$	32,723	$	33,361

The increase in stock-based compensation expense for the year ended December 31, 2017 as compared to the prior year is due primarily to other equity awards granted to employees during 2017 that vested immediately. During 2017, the Company recorded stock-based compensation expense for these other awards of $10.0 million as a component of selling, general and administrative expenses.

As of December 31, 2017, there was $116.2 million of total unrecognized compensation cost related to stock-based compensation arrangements for stock options, restricted stock and deferred stock awards. This cost is expected to be recognized over a weighted-average period of 4.1 years.

Stock Options

Stock options are granted for a term not exceeding ten years and the nonvested options are generally forfeited in the event the employee, director or consultant terminates his or her employment or relationship with the Company or one of its affiliates. Any options that have vested at the time of termination are forfeited to the extent they are not exercised within the applicable post-employment exercise period provided in their option agreements. These options vest over two to five years.

The following assumptions were used to calculate the fair value of the Company’s options on the date of grant:

	Year Ended December 31,
	2017		2016		2015
Risk-free interest rate	1.87% - 2.27%		1.24% - 1.49%		1.47% - 1.75%
Dividend yield	0.0	%	0.0	%	0.0	%
Volatility factors	25.88% - 27.58%		29.42% - 36.11%		34.18% - 43.36%
Weighted average expected life (in years)	5.78		5.76		5.94

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The following table presents a summary of the Company’s stock options outstanding at the dates given, and stock option activity for the period between such dates (“Price” reflects the weighted average exercise price per share):

	Year Ended December 31,
	2017				2016				2015
	Options		Price		Options		Price		Options		Price
	(in thousands, except per share data)
Outstanding January 1	16,283		$	13.55	16,309		$	13.54	16,999		$	13.78
Granted	1,164		33.48		1,103		19.53		1,667		25.32
Exercised	(3,138	)	16.27		(1,063	)	19.10		(1,098	)	14.50
Forfeited or expired	(70	)	24.05		(66	)	22.39		(1,259	)	31.58
Outstanding December 31	14,239		$	14.52	16,283		$	13.55	16,309		$	13.54
Exercisable December 31	11,906		$	12.00	12,628		$	12.01	11,177		$	11.54
Weighted average fair value per option granted			$	10.18			$	6.98			$	9.93

The total intrinsic value of stock options exercised during the years ended December 31, 2017, 2016 and 2015 was $57.5 million, $8.5 million and $14.1 million, respectively. Cash received from stock option exercises for the years ended December 31, 2017, 2016 and 2015 was $51.1 million, $20.3 million and $16.3 million, respectively.

There were 7.4 million shares available for future grants under the stock incentive plans at December 31, 2017. Upon share option exercise or vesting of restricted or deferred stock, the Company issues new shares or treasury shares to fulfill these grants. Vesting dates on the stock options range from January 2018 to December 2021, and expiration dates range from January 2018 to December 2027 at exercise prices and average contractual lives as follows:

Range of Exercise Prices	Outstanding as of 12/31/17	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Exercisable as of 12/31/17	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
	(in thousands)	(in years)			(in thousands)	(in years)
$2.75 - $4.99	1,713	1.2	$	2.82	1,713	1.2	$	2.82
$5.00 - $9.99	4,455	4.8	$	8.81	4,455	4.8	$	8.81
$10.00 - $14.99	2,540	3.3	$	11.34	2,540	3.3	$	11.34
$15.00 - $19.99	1,269	7.0	$	19.04	745	6.2	$	18.82
$20.00 - $24.99	1,842	6.2	$	21.15	1,467	6.1	$	21.15
$25.00 - $29.99	2,061	7.9	$	26.77	986	7.1	$	25.35
$30.00 - $44.99	359	9.9	$	43.50	—	0.0	$	—

The total intrinsic value of options outstanding and options exercisable as of December 31, 2017 was $606.1 million and $506.8 million, respectively.

Restricted Stock

The Company has granted restricted stock awards to its employees, directors and consultants under its stock incentive plans. These common shares carry a legend which restricts their transferability for a term of one to five years and are forfeited in the event the recipient’s employment or relationship with the Company is terminated prior to the lapse of the restriction. In addition, certain restricted stock awards require the Company or the recipient to achieve minimum performance targets in order for these awards to vest.

In 2017, the Company granted 0.9 million shares of restricted stock and 0.2 million shares of performance-based awards, respectively, under the Company’s stock incentive plans. These awards will all vest over one or four years with the exception of the performance-based awards which will vest within one to two years if the performance criteria are met.

In 2016, the Company granted 0.4 million shares of restricted stock and 0.4 million shares of performance-based awards, respectively, under the Company’s stock incentive plans. These awards will vest over one or four years with the exception of the performance-based awards which will generally vest within two years if the performance criteria are met. As of December 31, 2017, the performance-based criteria for these awards have been met unless otherwise forfeited.

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In 2015, the Company granted 0.3 million shares of restricted stock and 0.2 million shares of performance-based awards, respectively, under the Company’s stock incentive plans. These awards will generally vest over one or four years with the exception of the performance-based awards which will generally vest within two years if the performance criteria are met. As of December 31, 2017, the performance-based criteria for these awards have been met unless otherwise forfeited.

The following table presents a summary of the Company’s unvested restricted stock awards outstanding at December 31, 2017, 2016 and 2015 (“Price” reflects the weighted average share price at the date of grant):

	Restricted Stock
	Awards		Price
	(in thousands, except per share data)
Unvested at December 31, 2014	1,171		$	16.18
Granted	456		26.11
Forfeited	(6	)	10.02
Vested	(760	)	14.74
Unvested at December 31, 2015	861		$	22.67
Granted	751		20.65
Forfeited	(50	)	21.63
Vested	(482	)	21.73
Unvested at December 31, 2016	1,080		$	21.67
Granted	1,132		35.97
Forfeited	(82	)	22.96
Vested	(523	)	21.89
Unvested at December 31, 2017	1,607		$	31.79

The total grant date fair market value of the shares issued upon the vesting of restricted stock awards during the years ended December 31, 2017, 2016 and 2015 was $11.5 million, $10.5 million and $11.2 million, respectively. As of December 31, 2017, there were 0.2 million restricted stock awards outstanding which require the Company or the recipient to achieve minimum performance targets in order for the awards to vest.

Deferred Stock

The Company has granted deferred stock awards to its employees where the employees are entitled to receive shares of common stock in the future. Deferred stock can only be settled in stock as determined at the time of the grant. All of the deferred stock awards require the Company to achieve minimum market conditions in order for these awards to issue and vest.

In 2017, the Company granted 2.5 million shares of deferred stock awards with market conditions under the Company’s stock incentive plans. These awards will all vest over five years if specified stock prices are achieved over a specific number of days during the five years.

The following table presents a summary of the Company’s unvested deferred stock awards outstanding at December 31, 2017 and 2016 (“Price” reflects the weighted average share price at the date of grant):

	Deferred Stock
	Awards	Price
	(in thousands, except per share data)
Unvested at December 31, 2016	—	$	—
Granted	2,500	26.69
Forfeited	—	—
Vested	—	—
Unvested at December 31, 2017	2,500	$	26.69

As of December 31, 2017, there were 2.5 million deferred stock awards outstanding which require the Company to achieve minimum market conditions in order for the awards to issue and vest.

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NOTE 11—OTHER INFORMATION

	December 31,
	2017		2016
	(in thousands)
The following details the components of “Other current assets”:
Cash held in escrow	$	6,628	$	2,983
Inventory	17,467		15,114
Other	31,308		31,677
Total other current assets	$	55,403	$	49,774
The following details the components of “Other long-term assets”:
Long-term advances	$	359,528	$	208,977
Investments in nonconsolidated affiliates	105,271		82,032
Other	147,909		120,285
Total other long-term assets	$	612,708	$	411,294
The following details the components of “Accrued expenses”:
Accrued compensation and benefits	$	233,459	$	192,167
Accrued event expenses	247,380		192,599
Accrued insurance	97,606		65,941
Accrued legal	129,882		22,904
Collections on behalf of others	48,099		31,233
Other	352,820		276,650
Total accrued expenses	$	1,109,246	$	781,494
The following details the components of “Other current liabilities”:
Contingent and deferred purchase consideration	$	143,809	$	23,301
Other	16,829		15,754
Total other current liabilities	$	160,638	$	39,055
The following details the components of “Other long-term liabilities”:
Deferred revenue	9,569		5,506
Contingent and deferred purchase consideration	41,946		46,228
Other	122,876		98,057
Total other long-term liabilities	$	174,391	$	149,791

85

NOTE 12—SEGMENT DATA

For all periods presented, the Company’s reportable segments are Concerts, Sponsorship & Advertising and Ticketing. Prior to 2017, the Company reported an Artist Nation segment, which is now included in its Concerts segment based on the Company’s belief that the strategy behind artist management is to provide a full range of services related to concert promotion and to expand the Concerts line of business. In connection with this, there has been a change in the way the chief operating decision maker, as defined in the FASB guidance, makes decisions around allocations of resources and management responsibilities for this business.

The Concerts segment involves the promotion of live music events globally in the Company’s owned or operated venues and in rented third-party venues, the production of music festivals, the operation and management of music venues, the creation of associated content and the provision of management and other services to artist. The Sponsorship & Advertising segment manages the development of strategic sponsorship programs in addition to the sale of international, national and local sponsorships and placement of advertising such as signage, promotional programs, rich media offerings, including advertising associated with live streaming and music-related content, and ads across the Company’s distribution network of venues, events and websites. The Ticketing segment involves the management of the Company’s global ticketing operations, including providing ticketing software and services to clients, ticket resale services and online access for customers relating to ticket and event information, and is responsible for the Company’s primary ticketing website, www.ticketmaster.com.

Revenue and expenses earned and charged between segments are eliminated in consolidation. The Company’s capital expenditures below include accruals for amounts incurred but not yet paid for, but are not reduced by reimbursements received from outside parties such as landlords or replacements funded by insurance proceeds.

The Company manages its working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, the Company’s management to allocate resources to or assess performance of the segments, and therefore, total segment assets have not been presented.

There were no customers that individually accounted for more than 10% of the Company’s consolidated revenue in any year.

The following table presents the results of operations for the Company’s reportable segments for the years ending December 31, 2017, 2016 and 2015:

	Concerts			Sponsorship & Advertising		Ticketing		Other			Corporate			Eliminations			Consolidated
	(in thousands)
2017
Revenue	$	7,892,076		$	445,148	$	2,143,800	$	21,012		$	—		$	(164,588	)	$	10,337,448
Direct operating expenses	6,641,071			78,725		1,170,121		18,746			—			(159,872		)	7,748,791
Selling, general and administrative expenses	1,119,335			87,268		681,948		19,172			—			—			1,907,723
Depreciation and amortization	226,315			27,669		200,777		432			5,057			(4,716		)	455,534
Loss (gain) on disposal of operating assets	(1,056		)	—		49		—			38			—			(969		)
Corporate expenses	—			—		—		—			134,972			—			134,972
Operating income (loss)	$	(93,589	)	$	251,486	$	90,905	$	(17,338	)	$	(140,067	)	$	—		$	91,397
Intersegment revenue	$	148,125		$	—	$	16,463	$	—		$	—		$	(164,588	)	$	—
Capital expenditures	$	109,801		$	6,701	$	105,317	$	149		$	25,926		$	—		$	247,894
2016
Revenue	$	6,283,521		$	377,618	$	1,827,930	$	7,978		$	—		$	(142,113	)	$	8,354,934
Direct operating expenses	5,202,097			60,218		956,956		2,902			—			(139,465		)	6,082,708

86

	Concerts			Sponsorship & Advertising		Ticketing		Other			Corporate			Eliminations			Consolidated
	(in thousands)
Selling, general and administrative expenses	950,060			71,089		510,490		16,811			—			—			1,548,450
Depreciation and amortization	194,715			18,206		185,925		2,940			4,433			(2,568		)	403,651
Loss (gain) on disposal of operating assets	(61		)	—		68		—			117			—			124
Corporate expenses	—			—		—		—			125,141			(80		)	125,061
Operating income (loss)	$	(63,290	)	$	228,105	$	174,491	$	(14,675	)	$	(129,691	)	$	—		$	194,940
Intersegment revenue	$	133,505		$	—	$	8,528	$	80		$	—		$	(142,113	)	$	—
Capital expenditures	$	87,306		$	2,161	$	91,285	$	1,028		$	7,824		$	—		$	189,604
2015
Revenue	$	5,382,965		$	333,726	$	1,639,564	$	3,176		$	—		$	(113,700	)	$	7,245,731
Direct operating expenses	4,450,517			47,760		808,697		1,068			—			(111,569		)	5,196,473
Selling, general and administrative expenses	863,516			57,681		488,483		2,175			—			—			1,411,855
Depreciation and amortization	201,775			9,932		184,129		46			3,490			(2,131		)	397,241
Loss on disposal of operating assets	645			—		26		—			174			—			845
Corporate expenses	—			—		—		—			107,945			—			107,945
Operating income (loss)	$	(133,488	)	$	218,353	$	158,229	$	(113	)	$	(111,609	)	$	—		$	131,372
Intersegment revenue	$	104,571		$	—	$	9,129	$	—		$	—		$	(113,700	)	$	—
Capital expenditures	$	41,977		$	4,836	$	93,323	$	—		$	5,011		$	—		$	145,147

The following table provides revenue and long-lived assets for the Company’s foreign operations included in the consolidated financial statements:

	United Kingdom Operations		Other Foreign Operations		Total Foreign Operations		Total Domestic Operations		Consolidated Total
	(in thousands)
2017
Revenue	$	785,174	$	2,779,324	$	3,564,498	$	6,772,950	$	10,337,448
Long-lived assets	$	74,551	$	127,173	$	201,724	$	684,212	$	885,936
2016
Revenue	$	683,464	$	1,882,583	$	2,566,047	$	5,788,887	$	8,354,934
Long-lived assets	$	69,380	$	104,780	$	174,160	$	577,376	$	751,536
2015
Revenue	$	672,826	$	1,534,629	$	2,207,455	$	5,038,276	$	7,245,731
Long-lived assets	$	74,517	$	126,194	$	200,711	$	530,571	$	731,282

87

NOTE 13—QUARTERLY RESULTS OF OPERATIONS (Unaudited)

	March 31,						June 30,				September 30,				December 31,
	2017			2016			2017		2016		2017		2016		2017			2016
	(in thousands)
Revenue	$	1,413,181		$	1,207,716		$	2,818,693	$	2,179,258	$	3,559,418	$	3,170,416	$	2,546,156		$	1,797,544
Operating income (loss)	$	(21,366	)	$	(33,290	)	$	113,433	$	74,159	$	201,347	$	191,286	$	(202,017	)	$	(37,215	)
Net income (loss)	$	(47,770	)	$	(55,954	)	$	80,555	$	36,461	$	148,770	$	132,761	$	(173,781	)	$	(92,971	)
Net income (loss) attributable to common stockholders of Live Nation	$	(32,993	)	$	(44,518	)	$	81,478	$	37,741	$	136,393	$	111,079	$	(190,893	)	$	(101,360	)
Basic net income (loss) per common share available to common stockholders of Live Nation	$	(0.22	)	$	(0.29	)	$	0.31	$	0.13	$	0.56	$	0.51	$	(1.12	)	$	(0.58	)
Diluted net income (loss) per common share available to common stockholders of Live Nation	$	(0.22	)	$	(0.29	)	$	0.29	$	0.13	$	0.53	$	0.49	$	(1.12	)	$	(0.58	)

The following summarizes unusual or infrequent items effecting the quarterly results of operations:

2017

The Company accrued $110.0 million in the fourth quarter of 2017 in connection with a legal settlement entered into in January 2018. See Note 6—Commitments and Contingent Liabilities for further discussion of the settlement.

The Company recorded a goodwill impairment of $20.0 million in the fourth quarter of 2017 in connection with its annual impairment test. See Note 2—Long-Lived Assets and Note 5—Fair Value Measurements for further discussion.

The Company recorded a $55.7 million income tax benefit in connection with the 2017 tax reform. See Note 8—Income Taxes for further discussion of the impact of the 2017 tax reform.

The Company recorded net foreign exchange rate gains of $2.7 million and $4.4 million in the first and second quarters of 2017, respectively, and net foreign exchange rate losses of $4.2 million in the fourth quarter of 2017, as a component of other expense (income), net.

2016

In the third quarter of 2016, the Company recorded impairment charges of $15.1 million related to investments in a digital content company and an online merchandise company as a component of equity in losses (earnings) of nonconsolidated affiliates. See Note 5—Fair Value Measurements for further discussion of the inputs used to determine the fair values.

In the fourth quarter of 2016, the Company recorded a $14.0 million loss on extinguishment of debt related to the refinancing of certain of its debt. See Note 3—Long-Term Debt for further discussion.

The Company recorded net foreign exchange rate gains of $7.8 million in the first quarter of 2016 and net foreign exchange rate losses of $6.6 million, $1.9 million and $8.0 million in the second, third and fourth quarters of 2016, respectively, as a component of other expense (income), net.

88

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We have established disclosure controls and procedures to ensure that material information relating to our company, including our consolidated subsidiaries, is made known to the officers who certify our financial reports and to other members of senior management and our board of directors.

Based on their evaluation as of December 31, 2017, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) are effective to ensure that (1) the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (2) the information we are required to disclose in such reports is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or internal controls will prevent all possible errors and fraud. Our disclosure controls and procedures are, however, designed to provide reasonable assurance of achieving their objectives, and our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective at that reasonable assurance level.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended. Our management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the 2013 framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). Based on its evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2017.

Ernst & Young LLP, an independent registered public accounting firm, has issued an attestation report on our internal control over financial reporting. The attestation report is included herein.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

89

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of Live Nation Entertainment, Inc.

Opinion on Internal Control over Financial Reporting

We have audited Live Nation Entertainment, Inc.’s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control-lntegrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Live Nation Entertainment, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the 2017 consolidated financial statements of the Company, and our report dated February 27, 2018 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the US. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young

Los Angeles, California

February 27, 2018

90

ITEM 9B. OTHER INFORMATION

None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Other than the information set forth under Item 1. Business—Executive Officers, the information required by this Item is incorporated by reference to our Definitive Proxy Statement, expected to be filed within 120 days of our fiscal year end.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item is incorporated by reference to our Definitive Proxy Statement, expected to be filed within 120 days of our fiscal year end.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required by this Item is incorporated by reference to our Definitive Proxy Statement, expected to be filed within 120 days of our fiscal year end.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by this Item is incorporated by reference to our Definitive Proxy Statement, expected to be filed within 120 days of our fiscal year end.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The information required by this Item is incorporated by reference to our Definitive Proxy Statement, expected to be filed within 120 days of our fiscal year end.

91

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a)1. Financial Statements.

The following consolidated financial statements are included in Item 8:

Consolidated Balance Sheets as of December 31, 2017 and 2016	50
Consolidated Statements of Operations for the Years Ended December 31, 2017, 2016 and 2015	51
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2017, 2016 and 2015	52
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2017, 2016 and 2015	53
Consolidated Statements of Cash Flows for the Years Ended December 31, 2017, 2016 and 2015	54
Notes to Consolidated Financial Statements	55

(a)2. Financial Statement Schedule.

The following financial statement schedule for the years ended December 31, 2017, 2016 and 2015 is filed as part of this report and should be read in conjunction with the consolidated financial statements.

Schedule II Valuation and Qualifying Accounts

All other schedules for which provision is made in the applicable accounting regulation of the SEC are not required under the related instructions or are inapplicable, and therefore have been omitted.

(a)3. Exhibits.

The information in the Exhibit Index of the Annual Report on Form 10-K is incorporated into this Item 15.(a)3 by reference.

(c) Separate financial statements of subsidiaries not consolidated and fifty percent or less owned persons.

Under Rule 3-09 of Regulation S-X, we are required to file separate audited financial statements of Venta de Boletos por Computadora S.A. de C.V., for the years ended December 31, 2017 and 2016. We expect to file those financial statements by amendment to our Annual Report on Form10-K/A on or before June 30, 2018.

ITEM 16. FORM 10-K SUMMARY

Not applicable.

92

LIVE NATION ENTERTAINMENT, INC.

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

Allowance for Doubtful Accounts

Description	Balance at Beginning of Period		Charges of Costs, Expenses and Other		Write-off of Accounts Receivable			Other				Balance at End of Period
	(in thousands)
Year ended December 31, 2015	$	17,489	$	19,525	$	(18,703	)	$	(1,143	)	(1)	$	17,168
Year ended December 31, 2016	$	17,168	$	16,699	$	(3,927	)	$	(306	)	(1)	$	29,634
Year ended December 31, 2017	$	29,634	$	16,664	$	(14,846	)	$	1,303		(1)	$	32,755

_________________

⁽¹⁾ Foreign currency adjustments and acquisitions.

93

LIVE NATION ENTERTAINMENT, INC.

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

Deferred Tax Asset Valuation Allowance

Description	Balance at Beginning of Period		Charges of Costs, Expenses and Other		Deletions		Other (1)			Balance at End of Period
	(in thousands)
Year ended December 31, 2015	$	593,305	$	7,116	$	—	$	57,683		$	658,104
Year ended December 31, 2016	$	658,104	$	11,820	$	—	$	11,642		$	681,566
Year ended December 31, 2017	$	681,566	$	18,067	$	—	$	(103,196	)	$	596,437

________________________

⁽¹⁾ During 2017, 2016 and 2015, the valuation allowance was adjusted for acquisitions, divestitures and foreign currency adjustments. The 2017 valuation allowance was also reduced due to the reduction in the federal income tax rate to 21%. This reduced the previously fully valued United States deferred tax asset.

94

EXHIBIT INDEX

		Incorporated by Reference
Exhibit No.	Exhibit Description	Form	File No.	Exhibit No.	Filing Date	Filed By	Filed Herewith
3.1	Amended and Restated Certificate of Incorporation of Live Nation Entertainment, Inc., as amended.	10-K	001-32601	3.1	2/25/2010	Live Nation
3.2	Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Live Nation Entertainment, Inc.	8-K	001-32601	3.1	6/7/2013	Live Nation
3.3	Fifth Amended and Restated Bylaws of Live Nation Entertainment, Inc.	8-K	001-32601	3.2	6/7/2013	Live Nation
4.1	Amended and Restated Rights Agreement, dated as of December 18, 2015, between Live Nation Entertainment, Inc. and Computershare Inc.	8-K	001-32601	4.1	12/24/2015	Live Nation
4.2	Form of Certificate of Designations of Series A Junior Participating Preferred Stock.	8-K	001-32601	4.2	12/23/2005	Live Nation
4.3	Form of Right Certificate.	8-K	001-32601	4.3 (Annex B)	12/23/2005	Live Nation
10.1	Stockholder Agreement, dated February 10, 2009, among Live Nation, Inc., Liberty Media Corporation, Liberty USA Holdings, LLC and Ticketmaster Entertainment, Inc.	8-K	001-32601	10.2	2/13/2009	Live Nation
10.2	Registration Rights Agreement, dated January 25, 2010, among Live Nation, Inc., Liberty Media Corporation and Liberty Media Holdings USA, LLC.	8-K	001-32601	10.1	1/29/2010	Live Nation
10.3	Form of Indemnification Agreement.	10-K	001-32601	10.23	2/25/2010	Live Nation
10.4 §	Live Nation Entertainment, Inc. 2005 Stock Incentive Plan, as amended and restated as of March 19, 2015.	8-K	001-32601	10.2	6/11/2015	Live Nation
10.5 §	Amended and Restated Ticketmaster Entertainment, Inc. 2008 Stock and Annual Incentive Plan.	S-8	333-164507	10.1	1/26/2010	Live Nation
10.6 §	Amendment No. 1 to the Amended and Restated Ticketmaster Entertainment, Inc. 2008 Stock and Annual Incentive Plan.	10-Q	001-32601	10.1	11/4/2010	Live Nation
10.7 §	Live Nation Entertainment, Inc. 2006 Annual Incentive Plan, as amended and restated as of March 19, 2015.	8-K	001-32601	10.1	6/11/2015	Live Nation
10.8 §	Form Stock Option Agreement for the Live Nation Entertainment, Inc. 2005 Stock Incentive Plan, as amended and restated as of March 19, 2015.	10-K	001-32601	10.12	2/25/2016	Live Nation
10.9 §	Form Restricted Stock Agreement for the Live Nation Entertainment, Inc. 2005 Stock Incentive Plan, as amended and restated as of March 19, 2015.	10-K	001-32601	10.13	2/25/2016	Live Nation
10.10 §	Form Stock Option Agreement for the Amended and Restated Ticketmaster Entertainment, Inc. 2008 Stock and Annual Incentive Plan.	10-K	001-32601	10.14	2/25/2016	Live Nation

95

		Incorporated by Reference
Exhibit No.	Exhibit Description	Form	File No.	Exhibit No.	Filing Date	Filed By	Filed Herewith
10.11 §	Form Restricted Stock Agreement for the Amended and Restated Ticketmaster Entertainment, Inc. 2008 Stock and Annual Incentive Plan.	10-K	001-32601	10.15	2/25/2016	Live Nation
10.12 §	Amended and Restated Live Nation, Inc. Stock Bonus Plan.	8-K	001-32601	10.1	1/25/2010	Live Nation
10.13 §	Employment Agreement, dated October 21, 2009, among Live Nation, Inc., Live Nation Worldwide, Inc. and Michael Rapino.	8-K	001-32601	10.1	10/22/2009	Live Nation
10.14 §	First Amendment to Employment Agreement, dated December 27, 2012 by and between Live Nation Entertainment, Inc. and Michael Rapino.	8-K	001-32601	10.29	2/26/2013	Live Nation
10.15 §	Employment Agreement, entered into December 15, 2017, by and between Live Nation Entertainment, Inc. and Michael Rapino.	8-K	001-32601	10.1	12/18/2017	Live Nation
10.16 §	Performance Share Award Agreement, entered into December 15, 2017, by and between Live Nation Entertainment, Inc. and Michael Rapino.	10-K	001-32601	10.2	12/18/2017	Live Nation
10.17 §	Employment Agreement, effective January 1, 2014, between Live Nation Entertainment, Inc. and Joe Berchtold.	10-K	001-32601	10.24	2/24/2014	Live Nation
10.18 §	Employment Agreement, effective as of January 1, 2018, by and between Live Nation Entertainment, Inc. and Joe Berchtold.	8-K	001-32601	10.1	12/20/2017	Live Nation
10.19 §	Performance Share Award Agreement made as of December 19, 2017, by and between Live Nation Entertainment, Inc. and Joe Berchtold.	8-K	001-32601	10.2	12/20/2017	Live Nation
10.20 §	Employment Agreement, effective January 1, 2014, between Live Nation Entertainment, Inc. and Michael Rowles.	10-K	001-32601	10.17	2/24/2014	Live Nation
10.21 §	Employment Agreement, effective as of January 1, 2018, by and between Live Nation Entertainment, Inc. and Michael Rowles.	8-K	001-32601	10.3	12/20/2017	Live Nation
10.22 §	Employment Agreement, effective January 1, 2014, between Live Nation Entertainment, Inc. and Kathy Willard.	10-K	001-32601	10.19	2/24/2014	Live Nation
10.23 §	Employment Agreement, effective as of January 1, 2018 by and between Live Nation Entertainment, Inc. and Elizabeth K. (Kathy) Willard.	8-K	001-32601	10.4	12/20/2017	Live Nation
10.24 §	Employment Agreement, effective December 17, 2007, between Live Nation Worldwide, Inc. and Brian Capo.	10-Q	001-32601	10.4	8/7/2008	Live Nation
10.25 §	First Amendment to Employment Agreement, effective December 31, 2008, between Live Nation Worldwide, Inc. and Brian Capo.	10-K	001-32601	10.30	3/5/2009	Live Nation

96

		Incorporated by Reference
Exhibit No.	Exhibit Description	Form	File No.	Exhibit No.	Filing Date	Filed By	Filed Herewith
10.26 §	Second Amendment to Employment Agreement, effective October 22, 2009, between Live Nation Worldwide, Inc. and Brian Capo.	10-K	001-32601	10.55	2/25/2010	Live Nation
10.27 §	Third Amendment to Confirmation of Employment and Compensation Arrangement, effective January 1, 2017, by and between Live Nation Worldwide, Inc. and Brian J. Capo.	10-Q	001-32601	10.1	8/9/2017	Live Nation
10.28	Credit Agreement entered into as of May 6, 2010, among Live Nation Entertainment, Inc., the Foreign Borrowers party thereto, the Guarantors identified therein, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian Agent and J.P. Morgan Europe Limited, as London Agent.	10-Q	001-32601	10.4	8/5/2010	Live Nation
10.29	Amendment No. 1, to the Credit Agreement, dated as of June 29, 2012, entered into by and among Live Nation Entertainment, Inc., the relevant Credit Parties identified therein, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders.	10-Q	001-32601	10.2	8/7/2012	Live Nation
10.30	Amendment No. 2 to the Credit Agreement, dated as of August 16, 2013, entered into by and among Live Nation Entertainment, Inc., the Guarantors identified therein, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent for the Lenders, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian agent and J.P. Morgan Europe Limited, as London agent.	10-Q	001-32601	10.2	5/6/2014	Live Nation
10.31	Amendment No. 3 to the Credit Agreement, dated as of October 31, 2016, entered into by and among Live Nation Entertainment, Inc., the Guarantors identified therein, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian agent, J.P. Morgan Europe Limited, as London agent and the lenders from time to time party thereto.	10-K	001-32601	10.26	2/23/2017	Live Nation
10.32	Amendment No. 4 to the Credit Agreement, dated June 27, 2017, entered into by Live Nation Entertainment, Inc., the Guarantors identified therein, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian agent, J. P. Morgan Europe Limited, as London agent and the lenders from time to time party thereto.	10-Q	001-32601	10.2	8/9/2017	Live Nation

97

		Incorporated by Reference
Exhibit No.	Exhibit Description	Form	File No.	Exhibit No.	Filing Date	Filed By	Filed Herewith
10.33	Incremental Term Loan Joinder Agreement No. 1, dated August 20, 2012, by and among Live Nation Entertainment, Inc., JPMorganChase Bank, N.A., as administrative agent, each Incremental Term Loan Lender defined therein and the relevant Credit Parties identified therein.	10-Q	001-32601	10.2	11/5/2012	Live Nation
10.34	Indenture, dated as of May 23, 2014, among Live Nation Entertainment, Inc., the Guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee.	10-Q	001-32601	10.1	7/31/2014	Live Nation
10.35	First Supplemental Indenture, dated as of August 27, 2014, among Live Nation Entertainment, Inc., Ticketstoday, LLC, the Existing Guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee.	10-Q	001-32601	10.1	10/30/2014	Live Nation
10.36	Second Supplemental Indenture, dated as of October 31, 2014, among Live Nation Entertainment, Inc., EXMO, Inc., Artist Nation Management, Inc., Guyo Entertainment, Inc., the Existing Guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee.	10-K	001-32601	10.33	2/26/2015	Live Nation
10.37	Third Supplemental Indenture, dated as of March 27, 2015 among Live Nation Entertainment, Inc., Country Nation, LLC, the Existing Guarantors Party thereto and The Bank of New York Mellon Trust Company N.A., as trustee.	10-Q	001-32601	10.1	4/30/2015	Live Nation
10.38	Fourth Supplemental Indenture, dated as of August 13, 2015, among Live Nation Entertainment, Inc., the guarantors listed in Appendix I thereto, FG Acquisition Co, LLC, Front Gate Holdings, LLC and Front Gate Ticketing Solutions, LLC and The Bank of New York Mellon Trust Company, N.A., as trustee.	10-Q	001-32601	10.2	10/29/2015	Live Nation
10.39	Fifth Supplemental Indenture, dated as of October 31, 2016, among Live Nation Entertainment, Inc., the Guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee.	10-K	001-32601	10.42	2/23/2017	Live Nation
10.40	Sixth Supplemental Indenture, dated as of April 7, 2017, among Live Nation Entertainment, Inc., the Guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee.	10-Q	001-32601	10.2	5/4/2017	Live Nation
10.41	Indenture, dated as of May 23, 2014, between Live Nation Entertainment, Inc., and HSBC Bank USA, National Association, as trustee.	10-Q	001-32601	10.2	7/31/2014	Live Nation

98

		Incorporated by Reference
Exhibit No.	Exhibit Description	Form	File No.	Exhibit No.	Filing Date	Filed By	Filed Herewith
10.42	Indenture, dated as of October 31, 2016, by and among Live Nation Entertainment, Inc. the Guarantors defined therein and The Bank of New York Mellon Trust Company, N.A., as trustee.	10-K	001-32601	10.44	2/23/2017	Live Nation
10.43	First Supplemental Indenture, dated as of April 7, 2017, among Live Nation Entertainment, Inc., the Guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee.	10-Q	001-32601	10.1	5/4/2017	Live Nation
12.1	Computation of Ratio of Earnings to Fixed Charges.						X
14.1	Code of Business Conduct and Ethics.						X
21.1	Subsidiaries of the Company.						X
23.1	Consent of Ernst & Young LLP.						X
24.1	Power of Attorney (see signature page).						X
31.1	Certification of Chief Executive Officer.						X
31.2	Certification of Chief Financial Officer.						X
32.1	Section 1350 Certification of Chief Executive Officer.						X
32.2	Section 1350 Certification of Chief Financial Officer.						X
101.INS	XBRL Instance Document.						X
101.SCH	XBRL Taxonomy Schema Document.						X
101.CAL	XBRL Taxonomy Calculation Linkbase Document.						X
101.DEF	XBRL Taxonomy Definition Linkbase Document.						X
101.LAB	XBRL Taxonomy Label Linkbase Document.						X
101.PRE	XBRL Taxonomy Presentation Linkbase Document.						X

§ Management contract or compensatory plan or arrangement.

The Company has not filed long-term debt instruments of its subsidiaries where the total amount under such instruments is less than ten percent of the total assets of the Company and its subsidiaries on a consolidated basis. However, the Company will furnish a copy of such instruments to the Commission upon request.

99

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 27, 2018.

LIVE NATION ENTERTAINMENT, INC.
By:	/s/ Michael Rapino
	Michael Rapino
	President and Chief Executive Officer

100

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints, jointly and severally, Michael Rapino and Kathy Willard, and each of them, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Name	Title	Date
/s/ Michael Rapino Michael Rapino	President, Chief Executive Officer and Director	February 27, 2018
/s/ Kathy Willard Kathy Willard	Chief Financial Officer	February 27, 2018
/s/ Brian Capo Brian Capo	Chief Accounting Officer	February 27, 2018
/s/ Mark Carleton Mark Carleton	Director	February 27, 2018
/s/ Jonathan Dolgen Jonathan Dolgen	Director	February 27, 2018
/s/ Ariel Emanuel Ariel Emanuel	Director	February 27, 2018
/s/ Robert Ted Enloe, III Robert Ted Enloe, III	Director	February 27, 2018
/s/ Jeffrey T. Hinson Jeffrey T. Hinson	Director	February 27, 2018
/s/ Jimmy Iovine Jimmy Iovine	Director	February 27, 2018
/s/ Margaret L. Johnson Margaret L. Johnson	Director	February 27, 2018
/s/ James S. Kahan James S. Kahan	Director	February 27, 2018
/s/ Gregory B. Maffei Gregory B. Maffei	Director	February 27, 2018
/s/ Randall T. Mays Randall T. Mays	Director	February 27, 2018
/s/ Mark S. Shapiro Mark S. Shapiro	Director	February 27, 2018

101

EX-12.1

	
		
		
		Exhibit
	
	

EX-14.1

EXHIBIT 14.1

LIVE NATION ENTERTAINMENT, INC.

CODE OF CONDUCT

Note: This code and related policies are current as of March, 2015. In some respects our policies may exceed minimum legal requirements or industry practice. Nothing contained in this code should be construed as a binding definition or interpretation of a legal requirement or industry practice.

To obtain additional copies of this code, you may access it:

• under the Corporate Governance tab at the company’s Investor Relations website at http://investors.livenationentertainment.com/investor-relations/default.aspx,

• via the intranet by clicking on “Company” and then “Policies” from the homepage (you can also find copies of other policies referenced in this code at that location), or

• by contacting the Legal Department.

Contents

3 Foreword

4 Asking for Help and Reporting Concerns

5 Helpful Contact Information

6 Introduction

8 Compliance with Laws

10 Conflicts of Interest

13 Policy on Related-Person Transactions

14 Accepting Gifts and Entertainment

15 Fair Dealing

15 Laws and Insider Trading

16 Responding to Inquiries from the Press and Others

16 Political Activity

16 Safeguarding Corporate Assets

18 Equal Employment Opportunity and Anti-Harassment

19 Health, Safety and the Environment

19 Accuracy of Company Records

20 Administration of the Code

21 Non-retaliation Policy for Employees Who Report Violations of Law

2

Foreword

To all employees:

Our company is founded on our commitment to the highest ethical principles and standards. We value honesty and integrity above all else. Upholding these commitments in all of the countries in which we operate is essential to our continued success.

The law and the ethical principles and standards that comprise this code of conduct must guide our actions. The code is, of course, broadly stated. Its guidelines are not intended to be a complete listing of detailed instructions for every conceivable situation. Instead, it is intended to help you develop a working knowledge of the laws and regulations that affect your job.

Adhering to this code is essential. I have personally taken the time to study it carefully and I encourage you to do the same.

Ultimately, our most valuable asset is our reputation. Complying with the principles and standards contained in this code is the starting point for protecting and enhancing that reputation. Thank you for your commitment!

Michael Rapino

President and Chief Executive Officer

3

Q:I reported misconduct through the Integrity Hotline but never heard about an investigation or other action.

A: Rest assured that all complaints submitted to the Integrity Hotline are taken seriously and investigated fully. If you made your report anonymously, however, it is sometimes difficult to complete the investigation, especially if the investigator could not get in touch with you. Even if the investigator was able to reach you, he or she may not have been able to share the outcome because of privacy and confidentially concerns. In any case, the third-party service that we use can always give you an incident number which should allow you to determine if the matter has been resolved or if the investigator needs additional information from you.

Asking for Help and Reporting Concerns

We take this code seriously and consider its enforcement to be among our highest priorities, but we also acknowledge that it is sometimes difficult to know right from wrong. That’s why we encourage open communication. When in doubt, ask. Whenever you have a question or concern, are unsure about what the appropriate course of action is, or if you believe that a violation of the law or this code has occurred:

• You should talk with your immediate supervisor. He or she may have the information you need, or may be able to refer the matter to an appropriate source, including our Legal Department, as circumstances warrant.

• If you are uncomfortable talking with your immediate supervisor, you may also contact any manager in our company with whom you feel comfortable, your Human Resources Representative, our corporate Human Resources Department, the Employee Service Line or our Legal Department.

• In addition, if you have concerns or complaints about accounting or audit matters or our internal accounting controls, you may confer with your immediate supervisor, the controller associated with your business unit or our Chief Financial Officer, or you may submit your concern or complaint, on a confidential basis through our Business Integrity Reporting Process.

• Where allowed by law, you may report anonymously via the hotline, although we prefer that you give your identity when reporting violations to allow the company to contact you in the event further information is needed to pursue an investigation. Confidentiality will be maintained to the fullest extent possible, consistent with the need to conduct an adequate review.

• When allowable by law, reports made to either the hotline or the web reporting tool are transmitted directly to both our General Counsel and the Head of our Internal Audit Department, and those involving our accounting, auditing or internal auditing controls will be reviewed under the direction of the audit committee of our Board of Directors.

4

~ Helpful Contact Information~

Shareholder version:

Function/Title	Name/Description	Telephone	E-mail Address
Business Integrity Reporting	Toll-free Hotline and web-based tool to report concerns related to accounting, auditing or internal controls	UK: 0808-234-1231 Australia: 1-800-01-4616 France: 0800-91-6400 Other Locations: 1-888-497-2555* *Direct Access lines: Callers to these lines will first dial their country’s Access Number to connect with the AT&T network. Callers will then dial the hotline number to connect toll-free with Global Compliance. Direct Access service may not be available from all locations within a country. Please note that the Access Numbers listed below are subject to change due to the dynamic nature of the telecommunications market in many countries. Callers should consult http://www.business.att.com/bt/access.jsp for up-to-date Access Number information for their countries.	North America www.livenation.alertline.com International- www.livenationinternational.alertline.com

“This online version of Live Nation Entertainment’s Code of Business Conduct and Ethics has been modified from the original version distributed to our employees to safeguard the integrity of our internal communications.”

5

Introduction

The company has created this code of conduct to ensure that our employees’ business decisions follow our commitment to the highest ethical standards and the law. Adherence to this code and to our other official policies is essential to maintaining and furthering our reputation for fair and ethical practices among our customers, shareholders, employees and communities.

The code of conduct applies to all company employees, workers, officers and members of the Board of Directors, except where superseded by specific terms of a valid contract between you and the company or a valid collective bargaining agreement. In the event that this code conflicts with the Live Nation Entertainment Employee Handbook or any other company policy, the terms of this code shall control. If you have any questions regarding the interpretation of this code or in the event you believe that an actual or apparent conflict exists between this code and the Employee Handbook or any contractual arrangement, please contact the appropriate person as described above in the section entitled “Asking for Help and Reporting Concerns.”

The provisions of this code are not intended to, and should not be interpreted to, prohibit activities otherwise protected by law (including legal labor organizing activity). If you have questions as to the interpretation of any provision of this code, please contact the appropriate person as described above in the section entitled “Asking for Help and Reporting Concerns.”

It is the responsibility of each employee covered by the code to comply with all applicable laws and regulations and all provisions of this code and the related policies and procedures. Each employee covered by the code has a duty to report any violations of the law or this code. Failure to report such violations or failure to follow the provisions of this code may have serious legal consequences and will result in disciplinary action, up to and including the termination of your employment.

This code summarizes certain laws and the ethical policies that apply to all of our employees, workers, officers and directors. Several provisions in this code refer to more detailed policies that either (1) concern more complex company policies or legal provisions or (2) apply to select groups of individuals within our company. If these detailed policies are applicable to you, it is important that you read, understand and comply with them. If you have questions as to whether any detailed policies apply to you, please contact the appropriate person as described above in the section entitled “Asking for Help and Reporting Concerns.”

Situations that involve ethics, values and violations of certain laws are often very complex. No single code of conduct can cover every business situation that you may encounter. Consequently, we have implemented the compliance procedures outlined in the sections of this code entitled “Administration of the Code” and “Asking for Help and Reporting Concerns.” The thrust of our procedures is when in doubt, ask. If you do not understand a provision of this code, are confused as to what actions you should take in a given situation or wish to report a violation of the law or this code, you should follow these compliance procedures. These procedures will generally direct you to talk to either your immediate supervisor, your Human Resources Representative, the Employee Service Line or the Legal Department. There are few situations that cannot be resolved if you follow these procedures.

After reading this code, you should:

• Have a thorough knowledge of the code’s terms and provisions.

• Be able to recognize situations that present legal or ethical dilemmas.

• Be able to deal effectively with questionable situations in conformity with this code, or know when and where to seek help if you have questions.

In order to be able to accomplish these goals, we recommend that you take the following steps:

• Read this code of conduct thoroughly.

• If there are references to more detailed policies that are not contained in this code, obtain and read those policies if they apply to you.

• Think about how the provisions of this code apply to your job, and consider how you might handle situations to avoid illegal, improper or unethical actions.

6

• If you have questions, please contact the appropriate person as described above in the section entitled “Asking for Help and Reporting Concerns.”

When you are faced with a situation and you are not clear as to what action you should take, ask yourself the following questions:

• Is the action legal?

• Does the action comply with this code?

• How will your action or decision affect others, including our customers, shareholders, employees and the community?

How will your action or decision look to others?

If your action is legal but can result in the appearance of wrongdoing, consider taking alternative steps.

How would you feel if your decision were made public?

Could the decision be honestly explained and defended?

Have you followed the procedures described above in the section entitled “Asking for Help and Reporting Concerns” regarding the action?

To reiterate, when in doubt, ask.

We do not create any contractual or legal rights or guarantees by issuing this code, and we reserve the right to amend, alter and terminate this code at any time and for any reason. Please note that this code is not an employment contract and does not modify the employment relationship between you and the company. You are encouraged to read the Live Nation Entertainment Employee Handbook (or other applicable Employee Handbook in your area) in addition to this code.

7

Compliance with Laws

First and foremost, our policy is to behave in an ethical manner and comply with all laws, rules and government regulations that apply to our business regardless of location. Although we address several important legal topics in this code, we cannot anticipate every possible situation or cover every topic in detail. It is your responsibility to know and follow the law and conduct yourself in an ethical manner. It is also your responsibility to report any violations of the law or this code. You may report such violations by following the compliance procedures contained in the section of the code entitled “Asking for Help and Reporting Concerns.”

Antitrust Laws

Antitrust laws are designed to ensure a fair and competitive marketplace by prohibiting various types of anti-competitive behavior. Some of the most serious antitrust offenses occur between competitors, such as agreements to fix prices or to divide customers, territories or markets. Accordingly, it is important to avoid discussions with our competitors regarding pricing, terms and conditions, costs, marketing plans, customers or any other proprietary or confidential information. Countries outside of the United States often have their own body of antitrust laws, so our international operations may also be subject to antitrust laws of those countries.

Unlawful agreements need not be written. They can be based on informal discussions or the mere exchange of information with a competitor. If you believe that a conversation with a competitor enters an inappropriate area, end the conversation at once. Membership in trade associations (this does not include labor unions) is permissible only if approved in advance by your Legal Department.

Whenever any question arises as to the application of antitrust laws, you should consult with your Legal Department; and any agreements with possible antitrust implications should be made only with the prior approval of our Legal Department.

Anti-corruption Laws

Employees are expected to use only lawful and ethical business practices when conducting all business activities. Employees should never provide anything of value – including tickets or access to events – in order to obtain or retain business with any commercial entity or attempt to influence a government official.

Employees must always comply fully with the anti-bribery and anti-corruption laws of the countries in which we do business, including the U.S. Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act of 2010. Both apply to the actions of our company and our employees, as well as certain third parties who act our behalf, anywhere in the world.

Regardless of local practices or competitive pressures, employees must avoid even the appearance of bribery when dealing with any individual, including government officials, employees of state-owned or controlled enterprises, and officials of international organizations or political parties. If you deal with such persons or entities, you should consult with the Compliance or Legal Departments to be sure that you understand these laws before providing anything of value to a government official.

Further information on this topic can be found in our Anti-Corruption Policy. This discussion is not comprehensive and you are expected to familiarize yourself with all laws and regulations relevant to your position with us, as well as all of our related written policies on these laws and regulations, including those found in the Live Nation Entertainment Employee Handbook (or other applicable Employee Handbook in your area). To this end, your Human Resources Representative, the Employee Service Line and the Legal Department are available to answer your questions. If you have any questions concerning any possible reporting or compliance obligations, or with respect to your own duties under the law, you should not hesitate to call and seek guidance by following the compliance procedures contained in the section of the code entitled “Asking for Help and Reporting Concerns.”

8

Q: A local government official who approves the required permits for our festival has asked for free tickets for her and her family. Is it okay to provide them?

Take Action: We must NEVER give tickets to a government official in exchange for any kind of preferential treatment or direct benefit to the company.  We also do not want to give the appearance of doing so, even if that is not the actual intention.  As a result, before providing tickets to a government official, you must obtain written PRE-APPROVAL from the Compliance group at compliance@livenation.com.  The Compliance group will need to understand the reason for providing tickets and be able to validate that the tickets (or access to the event) are not being provided to gain any preferential treatment or for any other improper purpose.  The Compliance department will typically respond within 24 hours.  We understand that last-minute requests do occur, but complimentary tickets (or access to an event) should never be provided to a government official without this approval.  Note, however, that it is typically okay for a government official to purchase the tickets at the current sale price as long as no preferential treatment is given.

Q: As part of the negotiation for a lease on a venue, the landlord requests 10 tickets for each event, but does not want those terms included in the contract. What should I do?

Take Action: We require that the terms of our contracts be fully transparent, and side deals such as the one you have described are not acceptable. On the other hand, if the tickets are included in the lease and form a part of the written bargain, then it would probably be okay. If the landlord is a governmental entity, however, then you must receive prior approval from the Compliance group at compliance@livenation.com.

Q: As part of a show production, we are in need of a permit for pyrotechnics and the Fire Marshal agrees to expedite the process in exchange for tickets to the show. Should I give him the tickets?

A: Absolutely not. Under no circumstance should we consider providing tickets or any other type of payment or benefit in these instances. This would relate to any permits needed for an event.

Q: I am a box office manager, and was recently asked to process complimentary tickets to an event. Although the request form was properly approved by our General Manager, I am aware that the tickets are actually going to a government official and not to those listed on the form.

Take Action: You should contact the Compliance group immediately at compliance@livenation.com. One should never knowingly process a transaction that they suspect is fraudulent or otherwise in violation of company policy. Violations of this policy could result in disciplinary action, up to and including termination.

9

Conflicts of Interest

All of us must be able to perform our duties and exercise judgment on behalf of our company without influence or impairment, or the appearance of influence or impairment, due to any activity, interest or relationship that arises outside of work. Put more simply, when our loyalty to our company is affected by actual or potential benefit or influence from an outside source, a conflict of interest exists. We should all be aware of any potential influences that impact or appear to impact our loyalty to our company. In general, you should avoid situations where your personal interests conflict, or appear to conflict, with those of our company.

Any time you believe a conflict of interest may exist, you must disclose the potential conflict of interest to your immediate supervisor. Any activity that is approved, despite the actual or apparent conflict, must be documented. Any activity that could raise a potential conflict of interest that involves an executive officer must be approved by our Board of Directors or its designated committee. Any activity that could raise a potential conflict of interest involving an officer with the title of Vice President and above must be approved by our General Counsel.

It is not possible to describe every conflict of interest, but some situations that could cause a conflict of interest include:

• Doing business with family members

• Having a financial interest in another company with whom we do business

• Taking a second job

• Managing your own business

• Serving as a director of another business

• Being a leader in some organizations

• Diverting a business opportunity from our company to yourself or to another company

Q: I have started my own production company and want to bid on some of Live Nation’s production work during the upcoming concert season. Is that possible?

A: It depends. As an employee, before you start your own company that may in any way compete with Live Nation, or is otherwise to be engaged in any business similar to ours, you should always inform your supervisor. If you wish to bid on work with Live Nation, you should contact compliance@livenation.com.

10

Doing Business with Family Members

A conflict of interest may arise if family members work for a supplier, customer or other third party with whom we do business. It also may be a conflict if a family member has a significant financial interest in a supplier, customer or other third party with whom we do business. A “significant financial interest” is defined below. Before doing business on our behalf with an organization in which a family member works or has a significant financial interest, you must disclose the situation and obtain approval from your immediate supervisor. Document the approval if it is granted. You do not need to disclose the relationship or obtain prior approval unless you deal with the customer or supplier.

“Family members” include:

• Spouse

• Parents

• Children

• Siblings

• In-laws

• Life partner

Employing relatives or close friends who report directly to you may also be a conflict of interest. Although our company encourages employees to refer candidates for job openings, employees who may influence a hiring decision must avoid giving an unfair advantage to anyone with whom they have a personal relationship. In particular, supervisors should not hire relatives or attempt to influence any decisions about the employment or advancement of people related to or otherwise close to them, unless they have disclosed the relationship and obtained the approval of their immediate supervisor.

Q: My friend asked if I could give him my employee allotted tickets to sell, and that we would split the profits. Is this okay?

A: No, tickets received at no charge via the Employee Ticketing Program or complimentary tickets otherwise obtained can never be sold, as this would be a violation of the program and the Employee Handbook. In addition, tickets that an employee pays for can never been sold or transferred for more than face value.

Ownership in Other Businesses

Any direct or indirect significant financial interest in one of our competitors, suppliers, customers or other third parties with whom we do business creates a potential conflict of interest. You should not allow your investments to influence, or appear to influence, your independent judgment. In general, you should not own, directly or indirectly, a significant financial interest in any company that competes with our company or that does, or seeks to do, business with us.

Two tests determine if a “significant financial interest” exists:

• You or a family member owns more than 5% of the outstanding stock of a business or you or a family member has or shares discretionary authority with respect to the decisions made by that business, or

• The investment represents more than 5% of your total assets or of your family member’s total assets.

If you or a family member has a significant financial interest in a company with whom we do business or propose to do business, that interest must be approved by your immediate supervisor prior to the transaction.

Notwithstanding the foregoing, non-employee directors of our company and their family members may have significant financial interests in, or be affiliates of, suppliers, customers, competitors and third parties with whom we do business or propose to do business. However, a director must:

• disclose any such relationship promptly after the director becomes aware of it,

• remove himself or herself from any Board activity that directly impacts the relationship between our company and any such company with respect to which the director has a significant financial interest or is an affiliate, and

• obtain prior approval of the Board of Directors or its designated committee for any transaction of which the director is aware between our company and any such company.

11

Outside Employment

Sometimes our employees desire to take additional part-time jobs or do other work after hours, such as consulting or other fee-earning services. This kind of work does not in and of itself violate our code. However, the second job must be strictly separated from your job with us, and must not interfere with your ability to devote the time and effort needed to fulfill your duties to us as our employee. Full-time employees of the company cannot engage in any outside activity that causes competition with us or provides assistance to our competitors or other parties (such as suppliers) with whom we regularly do business. You should avoid outside activities that embarrass or discredit us. Outside work may never be done on company time and must not involve the use of our supplies or equipment. Additionally, you should not attempt to sell services or products from your second job to us.

Before engaging in a second line of work, full-time employees of the company should disclose any plans to your business unit head to confirm that the proposed activity is not contrary to our best interests. You may also contact our Human Resources Department for more information about our policies concerning outside employment.

Service on Boards

Serving as a director of another corporation may create a conflict of interest. Being a director or serving on a standing committee of some organizations, including government agencies, also may create a conflict.

Before accepting an appointment to the board or a committee of any organization whose interests may conflict with our company’s interests, you must discuss it with the General Counsel and obtain approval. This rule does not apply to non-employee directors of our company.

Business Opportunities

Business opportunities relating to the kinds of products and services we usually sell or the activities we typically pursue that arise during the course of your employment or through the use of our property or information belong to our company. Similarly, other business opportunities that fit into our strategic plans or satisfy our commercial objectives that arise under similar conditions also belong to us. You may not direct these kinds of business opportunities to our competitors, to other third parties or to other businesses that you own or are affiliated with.

Loans

Unlawful extensions of credit by our company in the form of personal loans to our executive officers and directors are prohibited. All other loans by our company to, or guarantees by our company of obligations of, officers with the title of Vice President or above must be made in accordance with established company policies approved by our Board of Directors or its designated committee. This would not include pre-approved benefit programs.

If you have any questions concerning a potential conflict of interest, contact the Employee Service Line, your Human Resources Representative (or local equivalent) or the Legal Department.

12

Policy on Related-Person Transactions

Our executive officers and directors should report any “related-person transaction” (as defined below), or proposed related-person transaction, to our General Counsel promptly after becoming aware of it. It is the responsibility of the individual executive officer and director to inform the General Counsel and obtain the requisite approval described below prior to entering into any related-person transaction.

Any proposed related-person transaction involving our company or its affiliates and one of our executive officers must be pre-approved by the audit committee of our Board of Directors.

Any proposed related-person transaction involving our company or its affiliates and one of our non-employee directors must be pre-approved by the audit committee of our Board of Directors.

All related-person transactions that commenced during a fiscal quarter shall be reviewed by the audit committee of our Board of Directors after the close of the quarter. If the audit committee determines that additional procedures relating to such transactions are necessary or appropriate, it may change this policy accordingly.

For purposes of this policy, a “related-person transaction” is defined by reference to Item 404 of the U.S. Securities and Exchange Commission’s Regulation S-K. Generally, Item 404 requires public disclosure of any transaction since the beginning of our last fiscal year, or any proposed transaction, in which the company was, or will be, a participant, the amount involved exceeds $120,000 (or equivalent value in another currency) and any “related person” (as defined below) had, or will have, a direct or indirect material interest in the transaction. “Related person” includes, generally, any (1) director or executive officer of the company, (2) nominee for director, (3) stockholder who beneficially owns more than 5% of any class of the company’s voting securities and (4) family members of any of the persons set forth in (1) through (3) above. All related-person transactions must be publicly disclosed.

Gifts and Entertainment

We are dedicated to treating fairly and impartially all persons and firms with whom we do business. Therefore, our employees must not give or receive gifts, entertainment or gratuities that could influence or be perceived to influence business decisions. Misunderstandings can usually be avoided by conduct that makes clear that our company conducts business on an ethical basis and will not seek or grant special considerations.

Q: Live Nation is bidding on a venue contract and wants to send the executives of the venue and their families on an all-expense paid weekend trip to Las Vegas. Is this okay?

A: No, our gift policy only allows for gifts of nominal value (under $500) and reasonable entertainment for customers, potential customers and other third parties. This trip would likely be seen as a bribe to win the contract and would not be considered reasonable and customary. Moreover, it would likely embarrass our company and potentially subject it to sanctions if disclosed publicly. Any questions regarding the appropriateness of a gift should be directed to the Compliance department at compliance@livenation.com.

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Accepting Gifts and Entertainment

You should never solicit a gift or favor from those with whom we do business. You may not accept gifts of cash or cash equivalents.

You may accept novelty or promotional items (such as inexpensive pens, mugs and calendars that bear a company’s name) or modest gifts of limited value (under $500 or equivalent value if outside the United States) related to commonly recognized occasions, such as a promotion, holiday, wedding or retirement, if:

• this happens only occasionally,

• the gift was not solicited, and

• disclosure of the gift would not embarrass our company or the people involved or appear to compromise our ability to make objective business decisions.

If you wish to accept a gift with a value in excess of $500, you must get the approval of your Division Head.

Gifts of nominal value (under $500) and reasonable entertainment for customers, potential customers and other third parties with whom we do business are permitted. However, any gift or entertainment must:

• support our company’s legitimate business interests,

• be reasonable and customary, not lavish or extravagant, and

• not be likely to embarrass our company or the recipient if publicly disclosed.

Under no circumstances can any bribe, kickback or illegal payment or gift of cash or cash equivalents be made. Also, special rules apply when dealing with government employees, as discussed in this code under “Compliance with Laws – Anti-corruption Laws.”

If you are not sure whether a specific gift or entertainment is permissible, contact your immediate supervisor. If you propose to give a gift with a value in excess of $500, you must get the approval of your Division Head.

Q: In appreciation of signing a new contract, a vendor sent me a set of golf clubs. Am I allowed to keep them?

A: Most likely not. Unfortunately our gift policy is clear that only gifts of nominal value may be accepted, and they may never be in exchange for business. Any gift offered with a value over $500 must be disclosed to the head of your respective division.

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Fair Dealing

We have built a reputation as a trustworthy and ethical member of our community and our industry. We are committed to maintaining the highest levels of integrity and fairness within our company. When we fail to negotiate, perform or market in good faith, we may seriously damage our reputation and lose the loyalty of our customers. You must conduct business honestly and fairly and not take unfair advantage of anyone through any misrepresentation of material facts, manipulation, concealment, abuse of privileged information, fraud or other unfair business practice.

Laws and Insider Trading

Because we are a public company, we are subject to a number of laws concerning the purchase and sale of our stock and other publicly traded securities. Regardless of your position with us, if you are aware of what is known as “material inside information” regarding our company, business affairs or prospects, you may not disclose that information to anyone outside our company, and you are not allowed to buy or sell our stock or other publicly-traded securities until the material inside information is known not only by other individuals within our company, but also by the general public. The improper use of material inside information is known as insider trading. Insider trading is a criminal offense and is strictly prohibited.

“Material inside information” is any information concerning us that is not available to the general public and which an investor would likely consider to be important in making a decision whether to buy, sell or hold our stock or other securities. A good rule of thumb to determine whether information about us is material inside information is whether or not the release of that information to the public would be likely to have an effect on the price of our stock. Examples of material inside information include information concerning earnings estimates, changes in previously released earnings estimates, a pending stock split, dividend changes, significant merger, acquisition or disposition proposals, major litigation, the loss or acquisition of a major contract and major changes in our management. Material inside information is no longer deemed “inside” information once it is publicly disclosed and the market has had sufficient time to absorb the information. Examples of effective public disclosure are the filing of such inside information with the Securities and Exchange Commission, the printing of such information in The Wall Street Journal or other publications of general circulation or the release of such information through a major news wire service, in each case giving the investing public a fair amount of time to absorb and understand our disclosures.

In addition to being prohibited from buying or selling our stock or other publicly-traded securities when you are in possession of material inside information, you are also prohibited from disclosing such information to anyone else (including friends and family members) in order to enable them to trade on the information. In addition, if you acquire material inside information about another company due to your relationship with us, you may not buy or sell that other company’s stock or other securities until such information is publicly disclosed and sufficiently disseminated into the marketplace.

The following are general guidelines to help you comply with this policy:

• Do not share material inside information with people within our company whose jobs do not require them to have the information.

• Do not disclose any non-public information, material or otherwise, concerning our company to anyone outside our company unless required as part of your duties and the person receiving the information has a reason to know the information for company business purposes.

• If you have material inside information regarding us, or regarding any other publicly traded company that you obtained from your employment or relationship with us, you must not buy or sell, or advise anyone else to buy or sell, our securities or that other company’s securities, until such information is publicly disclosed and sufficiently disseminated into the marketplace.

Penalties for trading on or communicating material inside information are severe. If you are found guilty of an insider trading violation, you can be subject to civil and even criminal liability. In addition to being illegal, we believe that insider trading is unethical and will be dealt with firmly, which may include terminating your employment with us and reporting violations to appropriate authorities.

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If you have any questions concerning the securities laws or about our policies with regard to those laws, or regarding the correct ethical and legal action to take in a situation involving material inside information, please review our Insider Trading Policy or contact our General Counsel.

Q: I recently heard that Ticketmaster is planning to acquire another ticketing company, but it hasn’t been announced yet. Can I suggest to my friends that they buy stock in that company?

A: No. Not only would this violate your confidentiality obligations to Live Nation Entertainment, but you could be charged with illegal insider trading or other securities law violations. Employees may not use “material inside information” to gain an advantage for themselves or others in buying or selling company stock. Refer to the company’s Insider Trading Policy for more information.

Responding to Inquiries from the Press and Others

Our company is subject to laws that govern the timing of our disclosures of material information to the public and others. Only certain designated employees may discuss our company with securities analysts, investors or the news media.

All inquiries from securities analysts or investors regarding financial or other information about our company should be referred to our Investor Relations Department. All inquiries from the media and general inquiries from third parties should be referred to our Public Relations/Media department.

Political Activity

We will fully comply with all political contribution laws. Our funds may not be used for contributions of any kind to any political party or committee or to any candidate or holder of any government position (national, state or local) unless such contribution is permitted by law and complies with our company policy. Please contact your Legal Department to determine whether a specific company contribution is permitted.

It is against our policy for you to lobby our other employees on behalf of a political candidate during the work day. It is also against our policy to reimburse an employee for any political contributions or expenditures. Outside normal office hours, you are free to participate in political campaigns on behalf of candidates or issues of your choosing, as well as make personal political contributions.

Safeguarding Corporate Assets

We have a responsibility to protect company assets entrusted to us from loss, theft, misuse and waste. Company assets and funds may be used only for business purposes and may never be used for illegal purposes. Incidental personal use of telephones, fax machines, copy machines, personal computers, e-mail and similar equipment is generally allowed if it is occasional, there is no significant added cost to us, it does not interfere with your work responsibilities and is not related to an illegal activity or outside business. If you become aware of theft, waste or misuse of our assets or funds or have any questions about your proper use of them, you should speak immediately with your immediate supervisor.

It is also important that you protect the confidentiality of company information. Confidential or proprietary information includes all information that is not generally known to the public and is helpful to the company, or would be helpful to competitors. Proprietary information should be marked accordingly, kept secure and access limited to those who have a need to know in order to do their jobs.

Our business relations are built on trust, and our customers and suppliers count on that trust. If you learn information from them that is not otherwise public, you should keep that information confidential also.

One of our key assets is the personal information we process about our fans, artists, employees and others. It is critical that you know how to handle this information responsibly, securely and in compliance with our legal obligations. To this end we have a Global Data Governance Policy, an Acceptable Use Policy and a Security Policy, of which you need to be aware and with which you must comply.

We must all be sensitive to the impact of comments made over the Internet through public forums such as chat rooms and bulletin boards. Any activity that violates our Acceptable Use Policy (for example, any comments that could damage the company’s reputation) could amount to gross misconduct even if undertaken on personal accounts, and may result in disciplinary action up to and including termination. This applies whether you are at work or away from the office, and

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during working hours or outside of working hours. Our company owns all e-mail messages that are sent from or received through the company’s systems or devices, including on personal or company-issued mobile phones and laptops. We may monitor your messages in accordance with the Acceptable Use Policy and may be required to disclose those messages in the case of litigation or governmental inquiry.

Q: A local news reporter contacted me about a recent incident at one of our shows. How should I respond?

A: Unless you have been given the authority to speak about this topic on behalf of Live Nation Entertainment, you should refer the reporter to Corporate Communications.

Q: I just found out that someone hacked into my computer and accessed files with customer information. What do I do?

Take Action: If you suspect that personal information has been used or disclosed inappropriately or that a data security breach has occurred, immediately call the LNE Data Incident Response Line, complete the Data Incident Report Form on the intranet or e-mail LNEincidentresponse@livenation.com. They will take appropriate action and manage applicable notifications or other obligations relating to data security incidents or unauthorized disclosures of personal information.

Q: We are about to announce a new festival and want to get the word out. We have engaged a marketing vendor who has a list of e-mail addresses of fans we think would be interested. Can we use the list for our marketing campaign?

A: Maybe. It depends on the applicable legal requirements. Most countries have rules about whether and how e-mail addresses can be collected, whether and what type of consent is needed from customers to receive e-mail, and when and how you can use e-mails for marketing purposes. If you are unsure, contact privacy@livenation.com if you work in North America or INTLdatagovernance@livenation.co.uk.

Q: Sometimes I post things that happen at work or at the concert I recently attended on my personal blog—is that a problem?

A: It depends. Remember, you are personally responsible for any company-related content that you publish online. Always think before you post or hit the “send” button and follow the rules for careful communications and other requirements set forth in our Acceptable Use Policy. If you are unsure, contact privacy@livenation.com if you work in North America or INTLdatagovernance@livenation.co.uk.

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Equal Employment Opportunity and Anti-Harassment

We are committed to providing equal employment opportunities for all our employees and will not tolerate any speech or conduct that is intended to, or has the effect of, discriminating against or harassing any applicant or employee because of his or her race, color, religion, sex (including gender identity, pregnancy, childbirth or related medical conditions), national origin, age, physical or mental disability, medical condition, sexual orientation, marital status, veteran status, genetic information or any other characteristic protected by law. We will not tolerate discrimination or harassment by anyone – managers, supervisors, co-workers, vendors or our customers. This policy extends to every phase of the employment process, including: recruiting, hiring, training, promotion, compensation, benefits, transfers, discipline and termination, layoffs, recalls, and company-sponsored educational, social and recreational programs, as applicable. If you observe conduct that you believe is discriminatory or harassing, or if you feel you have been the victim of discrimination or harassment, you should notify your immediate supervisor, your Human Resources Representative or the Employee Service Line immediately.

Not only do we forbid unlawful discrimination, we take affirmative action to ensure that applicants are employed, and employees are treated during employment, without regard to their race, color, religion, sex (including gender identity, pregnancy, childbirth or related medical conditions), national origin, age, physical or mental disability, medical condition, sexual orientation, marital status, veteran status, genetic information or any other characteristic protected by law.

The Human Resources Department has been assigned specific responsibilities for implementing and monitoring affirmative action and other equal opportunity programs. One of the tenets of this code, however, is that all employees are accountable for promoting equal opportunity practices within our company. We must do this not just because it is the law, but because it is the right thing to do.

For more information concerning our anti-discrimination and anti-harassment policies, you should refer to our Employee Handbook (or other applicable Employee Handbook in your area). We will not retaliate against any employee for filing a good faith complaint under our anti-discrimination and anti-harassment policies or for cooperating in an investigation and will not tolerate or permit retaliation by management, employees or co-workers. To the fullest extent possible, the company will keep complaints and the terms of their resolution confidential. If an investigation confirms harassment or discrimination has occurred, the company will take corrective action against the offending individual, including discipline up to and including immediate termination of employment, as appropriate.

Q:I recently applied for a job in another division and believe I was not selected because I’m a woman. What should I do?

A:Please know that Live Nation Entertainment requires that employment decisions be made without regard to a person’s sex or gender identity. Please contact Human Resources or any of the other reporting avenues immediately.

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Health, Safety and the Environment

We are committed to providing safe and healthy working conditions by following all occupational health and safety laws governing our activities.

We believe that management and each and every employee have a shared responsibility in the promotion of health and safety in the workplace. You should follow all safety laws and regulations, as well as company safety policies and procedures. You should immediately report any accident, injury or unsafe equipment, practices or conditions to your immediate supervisor.

You also have an obligation to carry out company activities in ways that preserve and promote a clean, safe and healthy environment. You must strictly comply with the letter and spirit of applicable environmental laws and the public policies they represent.

The consequences of failing to adhere to environmental laws and policies can be serious. Our company, as well as individuals, may be liable not only for the costs of cleaning up pollution, but also for significant civil and criminal penalties. You should make every effort to prevent violations from occurring and report any violations to your immediate supervisor, our General Counsel or the Risk Management Department.

Accuracy of Company Records

All information you record or report on our behalf, whether for our purposes or for third parties, must be done accurately and honestly. All of our records (including accounts and financial statements) must be maintained in reasonable and appropriate detail, must be kept in a timely fashion, must be stored in an appropriately confidential and secure manner and must appropriately reflect our transactions. Falsifying records or keeping unrecorded funds and assets is a severe offense and may result in prosecution or loss of employment. When a payment is made, it can only be used for the purpose spelled out in the supporting document.

Information derived from our records is provided to our shareholders and investors, as well as government agencies. Thus, our accounting records must conform not only to our internal control and disclosure procedures but also to generally accepted accounting principles and other laws and regulations, such as those of the Internal Revenue Service or applicable taxing authority and the U.S. Securities and Exchange Commission. Our public communications and the reports we file with the U.S. Securities and Exchange Commission and other government agencies should contain information that is full, fair, accurate, timely and understandable in light of the circumstances surrounding disclosure.

Our internal and external auditing functions help ensure that our financial books, records and accounts are accurate. Therefore, you should provide our accounting department, internal auditing staff, audit committee and independent public accountants with all pertinent information that they may request. We encourage open lines of communication with our audit committee, accountants and auditors and require that all our personnel cooperate with them to the maximum extent possible. It is unlawful for you to fraudulently influence, induce, coerce, manipulate or mislead our independent public accountants for the purpose of making our financial statements misleading.

If you are unsure about the accounting treatment of a transaction, believe that a transaction has been improperly recorded or otherwise have a concern or complaint regarding an accounting matter, our internal accounting controls, an audit matter or fraud concern, you should confer with your immediate supervisor, the controller associated with your business unit or our Chief Financial Officer, or you may report your concern to our Business Integrity Reporting Process. Any reports made through this process are transmitted directly to both our General Counsel and the Head of our Internal Audit Department, and those involving accounting, auditing or internal auditing controls will be reviewed under the direction of the audit committee of our Board of Directors. If you report via this process, you may, where allowed by local law, report anonymously if you wish, although we encourage you to leave a detailed message that will permit us to thoroughly investigate your concerns.

Q: I believe a team member made a false statement to Live Nation’s internal audit team and independent auditors. What should I do?

Take Action: Report the matter immediately to the Business Integrity Hotline or to our Chief Financial Officer.

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Record Retention

Our records should be retained or discarded in accordance with our record retention policies and all applicable laws and regulations. From time to time, we are involved in legal proceedings that may require us to make some of our records available to third parties. Legal counsel will assist us in releasing appropriate information to third parties and provide you (or your immediate supervisor) with specific instructions. It is a crime to alter, destroy, modify or conceal documentation or other objects that are relevant to a government investigation or otherwise obstruct, influence or impede an official proceeding. The law applies equally to all of our records, including formal reports as well as informal data such as e-mail, expense reports and internal memos. If the existence of a subpoena or a pending government investigation is known or reported to you, you should immediately contact your Legal Department and you must retain all records that may pertain to the investigation or be responsive to the subpoena.

Administration of the Code

Distribution

All of our directors, officers, employees and workers will receive a copy of this code when they join our company. Updates of the code will be distributed to all directors, officers and employees and are available on the company’s intranet.

Role of Supervisors and Officers

Supervisors and officers have important roles under this code and are expected to demonstrate their personal commitment to this code by fostering a workplace environment that promotes compliance with the code and by ensuring that employees under their supervision participate in our company’s compliance training programs.

Reporting Violations

All employees are obliged to report violations of this code or the law and to cooperate in any investigations into such violations. We prefer that you give your identity when reporting violations, to allow the company to contact you in the event further information is needed to pursue an investigation, and your identity will be maintained in confidence to the extent practicable under the circumstances and consistent with enforcing this code. However, you may anonymously report violations, where allowable by law.

Investigations

We will initiate a prompt investigation following any credible indication that a breach of law or this code may have occurred. We will also initiate appropriate corrective action as we deem necessary, which may include notifying appropriate authorities. For more information about our procedures in dealing with violations or suspected violations of this code, you should refer to our Employee Handbook.

Disciplinary Action

If you violate any provision of this code, you may be subject to disciplinary action, up to and including termination. Please be aware that we may seek civil remedies from you and if your violation results in monetary loss to us, you may be required to reimburse us for that loss. If you are involved in a violation, the fact that you reported the violation, together with the degree of cooperation displayed by you and whether the violation is intentional or unintentional, will be given consideration in our investigation and any resulting disciplinary action.

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No Retaliation

We will not retaliate against anyone who, in good faith, notifies us of a possible violation of law or this code, nor will we tolerate any harassment or intimidation of any employee who reports a suspected violation. In addition, there are governmental “whistleblower” laws that are designed to protect employees from discrimination or harassment for providing information to us or governmental authorities, under certain circumstances, with respect to certain laws such as those governing workplace safety, the environment, securities fraud and federal law relating to fraud against shareholders.

Approvals

Approvals required under this code should be documented.

Waivers

Any request for a waiver of this code must be submitted in writing to our General Counsel who has authority to decide whether to grant a waiver. However, a waiver of any provision of this code for a director or an executive officer must be approved by our Board of Directors or its designated committee and will be promptly disclosed to the extent required by law or regulation.

Certifications

All new employees (and, periodically, existing employees) must affirmatively acknowledge that they have read and understand this code. However, failure to read or acknowledge the code does not excuse you from complying with this code.

Non-retaliation Policy for Employees Who Report Violations of Law

We are committed to providing a workplace conducive to open discussion of our business practices. It is our policy to comply with all applicable laws that protect employees against unlawful discrimination or retaliation by their employer as a result of their lawfully reporting information regarding, or their participating in, investigations involving corporate fraud or other violations by us or our agents of federal or state law. Specifically, our policy prevents you from being subject to disciplinary or retaliatory action by us or any of our employees or agents as a result of your complaint about corporate fraud (such as falsifying financial records, providing false information to shareholders, and hiding or stealing corporate assets) to any of the following:

• a federal regulatory or law enforcement agency

• a member or committee of Congress

• your supervisor

• your Head of Human Resources

• our Employee Service Line

• your Human Resources Representative or our corporate Human Resources Department

• our Business Integrity Reporting Process

• our Head of Internal Audit

• our Chief Financial Officer

• our General Counsel or our Legal Department

You are also protected from retaliation due to your assisting in any investigation of any alleged violation or participating in any lawsuit arising from a complaint or investigation. However, if you file reports or provide evidence which you know to be false or where you do not have a reasonable belief in the truth and accuracy of such information, you will not be protected by the above policy statement and may be subject to disciplinary action, up to and including termination of your employment.

Your Head of Human Resources (or local equivalent) is responsible for administering this Non-retaliation Policy for Employees Who Report Violations of Law. Your Head of Human Resources is responsible for receiving, collecting, reviewing, processing and resolving concerns and reports by employees and others on the matters described above and other similar matters. You are encouraged to discuss issues and concerns of the type covered by this policy with your immediate supervisor, who is in turn responsible for informing your Head of Human Resources of any concerns raised. If you prefer not to discuss these sensitive matters with your immediate supervisor, you may instead discuss such matters

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directly with the corporate Human Resources Department through the Employee Service Line. Your Head of Human Resources will refer complaints submitted, as he or she determines to be appropriate or as required under the directives of our Board of Directors, to our Board of Directors or its designated committee.

If you believe you have been subjected to any action that violates this policy, you may file a complaint with your immediate supervisor, your Human Resources Representative or the Employee Service Line. If it is determined that you have experienced any improper employment action in violation of this policy, you will be entitled to appropriate corrective action.

Description of Responsibilities for your Head of Human Resources

We have appointed your Head of Human Resources as the individual who is responsible for administering our Non-retaliation Policy for Employees Who Report Violations of Law. Your Head of Human Resources will report directly to the audit committee of our Board of Directors on matters arising under this policy.

Your Head of Human Resources’ responsibilities under this policy include:

• Administering, implementing and overseeing ongoing compliance under the policy across all geographic regions.

• Establishing and administering procedures to assure that employee complaints will be collected, reviewed promptly, resolved in an appropriate manner and retained.

• Making his or her staff available to discuss with employees any complaints raised or reports filed.

• Administering and overseeing our training and educational programs designed to ensure that our employees with supervisory authority with respect to other employees, or who are otherwise involved in the administration of our policies, are aware of this policy, know to involve your Head of Human Resources in any matters that may arise involving this policy (including informing your Head of Human Resources of every complaint that arises) and are trained in the proper handling of employee complaints covered by this policy.

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EX-21.1

Exhibit 21.1

Subsidiaries of Live Nation Entertainment, Inc.

Domestic	State or Jurisdiction of Incorporation or Organization
24 Artist Management, LLC	Delaware
6021 Hollywood Operating Company, LLC	Delaware
AC Entertainment, LLC	Tennessee
AC IP, LLC	Tennessee
ACSH-JV, LLC	Tennessee
Arrive I Management, LLC	Delaware
Artist Nation Holdings Corp.	Delaware
Artist Nation Management, Inc.	Delaware
Artist Nation Management Group, Inc.	Delaware
Assembly Room Studios, LLC	Delaware
Axis Nation, LLC	Virginia
Axis Sponsorship, LLC	Virginia
Bamboozle Festival, LLC	Delaware
Baron Global, Inc.	Delaware
BigChampagne, LLC	Delaware
Bill Graham Enterprises, Inc.	California
Blueprint Artist Management, LLC	Delaware
Blues at the Depot, LLC	Utah
BottleRock Marketing Group, LLC	Delaware
BottleRock Presents LLC	Delaware
C3 Booking, LLC	Texas
C3 Presents, L.L.C.	Texas
C3PEmo's, LLC	Texas
Caring & Daring, LLC	Delaware
Career Artist Management LLC	Delaware
Cellar Door Venues, Inc.	Florida
Charleston Festival, LLC	Delaware
CN Holdco, LLC	Delaware
Cobb's Comedy, Inc.	California
Connecticut Amphitheater Development Corporation	Connecticut
Connecticut Performing Arts Partners	Connecticut
Connecticut Performing Arts, Inc.	Connecticut
Country Music Holding Company, LLC	Delaware
Country Nation, LLC	Delaware
Country Nation - Chicago, LLC	Delaware
Country Nation - DE, LLC	Delaware
Crossroads Presents, LLC	Delaware
Cultivate Management, LLC	Delaware
Cumberland Amphitheatre Partners, LLC	Delaware
Dalton Entertainment, LLC	Delaware
Danceologist, Inc.	Delaware
Diamond Theory Media, LLC	Delaware
Diversified Production Services, LLC	Delaware

- 1 -

Domestic	State or Jurisdiction of Incorporation or Organization
Do617 LLC	Delaware
Eagles Personal Management Company	California
EDC The Movie, LLC	Delaware
Eight Ball Pricing Solutions, LLC	Delaware
Electric Forest, LLC	Delaware
Element1 Management, LLC	California
ESM Productions, LLC	Delaware
Evening Star Productions, Inc.	Arizona
Event Merchandising, Inc.	California
EXMO, Inc.	Delaware
F and F Concessions, Inc.	Illinois
Faculty Management, LLC	Delaware
Faculty Productions, LLC	Delaware
Festival Holdings, L.L.C.	Virginia
FG AcquisitionCo, LLC	Delaware
Fillmore Minneapolis Corp.	Delaware
Fillmore New Orleans Corp.	Delaware
Fillmore Theatrical Services	California
Forecastle Ventures, LLC	Tennessee
Forecastle Enterprises, LLC	Tennessee
Forecastle 2013, LLC	Tennessee
Forecastle 2014, LLC	Tennessee
Forecastle 2015, LLC	Tennessee
Forecastle 2016, LLC	Tennessee
Forecastle 2017, LLC	Tennessee
Forecastle Ventures, LLC	Tennessee
Founders Entertainment, LLC	New York
FPSF Holdings, LLC	Delaware
Front Gate Holdings, LLC	Delaware
Front Gate Ticketing Solutions, LLC	Delaware
G-Major Management LLC	Delaware
Gellman Management LLC	Delaware
Gov Ball 2016, LLC	New York
GR Concert Film, LLC	Delaware
Greenlight Media & Marketing, LLC	Delaware
Greenlight Studios, LLC	Virginia
Guyo Entertainment, Inc.	California
Hard Events LLC	California
HOB Ace of Spades Corp	Delaware
HOB Boardwalk, Inc.	Delaware
HOB Chicago, Inc.	Delaware
HOB Depot Corp.	Delaware
HOB Entertainment, LLC	Virginia
HOB Grand Rapids, LLC	Delaware
HOB Marina City Partners, L.P.	Delaware
HOB Marina City, Inc.	Delaware

- 2 -

Domestic	State or Jurisdiction of Incorporation or Organization
HOB Marquis Corp.	Delaware
HOB Punch Line Penn Corp.	Delaware
HOB Punch Line S.F. Corp.	Delaware
HOB Queen Theater Corp.	Delaware
HOB Summit MH Corp.	Delaware
HOB Rose City MH Corp.	Delaware
HOB Varsity Corp.	Delaware
Hofesh, LLC	Delaware
Host VIP, LLC	Delaware
House of Blues Anaheim Restaurant Corp.	Delaware
House of Blues Cleveland, LLC	Delaware
House of Blues Concerts, Inc.	California
House of Blues Dallas Restaurant Corp.	Delaware
House of Blues Houston Restaurant Corp.	Delaware
House of Blues Las Vegas Restaurant Corp.	Delaware
House of Blues Los Angeles Restaurant Corp.	Delaware
House of Blues Myrtle Beach Restaurant Corp.	Delaware
House of Blues New Orleans Restaurant Corp.	Delaware
House of Blues Orlando Restaurant Corp.	Delaware
House of Blues Restaurant Holding Corp.	Delaware
House of Blues San Diego Restaurant Corp.	Delaware
House of Blues San Diego, LLC	Delaware
Hungry, Thirsty, Crazy, and Lucky, LLC	Texas
IAC Partner Marketing, Inc.	Delaware
i am OTHER Ventures, LLC	Delaware
InDMusic, Inc.	Delaware
IO Media, Inc.	New York
IOMedia Technologies, LLC	New York
Insomniac Holdings, LLC	Delaware
Insomniac Records, LLC	Delaware
Latitude 38 Entertainment, LLC	Delaware
LMG Management LLC	Delaware
Lansdowne Boston Restaurant, LLC	Delaware
Live Nation – Haymon Ventures, LLC	Delaware
Live Nation Bogart, LLC	Delaware
Live Nation Chicago, Inc.	Delaware
Live Nation Concerts, Inc.	Delaware
Live Nation LGTours (USA), LLC	Delaware
Live Nation Marketing, Inc.	Delaware
Live Nation Merchandise, Inc.	Delaware
Live Nation Mid-Atlantic, Inc.	Pennsylvania
Live Nation MTours (USA), Inc.	Delaware
Live Nation Paradise, LLC	Delaware
Live Nation Productions, LLC	Delaware
Live Nation Studios Holdings, LLC	Delaware
Live Nation Studios Productions, LLC	Delaware

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Domestic	State or Jurisdiction of Incorporation or Organization
Live Nation Ticketing, LLC	Delaware
Live Nation Touring (USA), Inc.	Delaware
Live Nation Urban, LLC	Delaware
Live Nation UshTours (USA), LLC	Delaware
Live Nation UTours (USA), Inc.	Delaware
Live Nation Worldwide, Inc.	Delaware
LN Acquisition Holdco LLC	Delaware
LN-HS Concerts, LLC	Delaware
Lollapalooza, LLC	Delaware
Marcy Musik LLC	New York
MBA Artist Management Company, LLC	Delaware
Meadowbrook Amphitheatre Holdings, LLC	Delaware
MIA Festival Holdings, LLC	Delaware
Michigan Licenses, LLC	Delaware
Mick Artists Management LLC	Delaware
Microflex 2001 LLC	Delaware
MobHill, LLC	Texas
New Community Management, LLC	Delaware
New Era Farms, LLC	Virginia
New Era Farms II, LLC	Virginia
New York Theater, LLC	Delaware
NOC, Inc.	Connecticut
Philymack Management, LLC	Delaware
Philymack Productions, LLC	Delaware
Philymack Wellness, LLC	Delaware
Pristine Alpine Entertainment, LLC	Utah
Production Staffing Group, LLC	Delaware
Radio Hill, LLC	Delaware
Redrock Entertainment Services, LLC	Delaware
ReignDeer Entertainment Corp	California
ReignDeer Investments, LLC	Delaware
ROC Nation LLC	Delaware
Roc Nation Advertising LLC	Delaware
Roc Nation Latin Publishing LLC	Delaware
Roc Nation Management, LLC	Delaware
Roc Nation Publishing, LLC	Delaware
Roc Nation Records, LLC	Delaware
Roc Nation Sports, LLC	Delaware
Roc Nation Sports - Roc Nation Boxing, LLC	Delaware
Roc Nation Ventures, LLC	Delaware
Rolling Loud, LLC	Delaware
S10 Entertainment & Media, LLC	Delaware
SAL & Co Management LP	Delaware
SC Management GP, Inc.	Delaware
Scheme Engine, LLC	Delaware
Scream Nation, LLC	Delaware

- 4 -

Domestic	State or Jurisdiction of Incorporation or Organization
SFX Financial Advisory Management Enterprises, Inc.	Delaware
Shaky Boots Fest LLC	Georgia
Shaky Festivals Holdings, LLC	Delaware
Shaky Knees Fest LLC	Georgia
Shoreline Amphitheatre, Ltd.	California
SME Entertainment Group LLC	Delaware
Soundcheck, LLC	Delaware
Sound Ventures, LLC	Delaware
Sound Ventures II, LLC	Delaware
Sound Ventures III, LLC	Delaware
Spalding Entertainment, LLC	Tennessee
Star Hill Presents Kansas, LLC	Virginia
Stateside Group, LLC	Delaware
Strobe Labs, Inc.	Delaware
The V.I.P. Tour Company	Delaware
Three Six Zero Group, Inc.	California
Ticketmaster Advance Tickets, L.L.C.	Colorado
Ticketmaster China Ventures, L.L.C.	Delaware
Ticketmaster EDCS LLC	Delaware
Ticketmaster L.L.C.	Virginia
Ticketmaster New Ventures Holdings, Inc.	Delaware
Ticketmaster Pacific Acquisitions, Inc.	Delaware
Ticketmaster-Indiana, L.L.C.	Delaware
TicketsNow.com, Inc.	Illinois
Ticketstoday, LLC	Virginia
Ticketweb, LLC	Delaware
TMF Holdco, LLC	Delaware
TM Vista Inc.	Virginia
TNA Tour II (USA) Inc.	Delaware
TNOW Entertainment Group, Inc.	Illinois
TSZ Entertainment, LLC	California
Two Toasters, LLC	North Carolina
United Concerts, Inc.	Utah
Universe Collaborative Lifestyle, Inc.	Delaware
Van Buren Group Holdings, LLC	Delaware
Vector Management LLC	Delaware
Voodoo Music Experience, LLC	Louisiana
We Are Voices Entertainment, Inc.	Delaware
Westminster Credit Opportunities Funds, LLC	Delaware
Wiltern Renaissance LLC	Delaware
YMROC, LLC	Delaware
Zero Hero Inc.	Washington
Ash Assets Pty Ltd	Australia
Ash Sounds Pty Ltd	Australia
B.D.O. Presents Pty Ltd	Australia

- 5 -

International	State or Jurisdiction of Incorporation or Organization
Four Fish Swimming Pty Ltd	Australia
Live Nation Australasia Pty Ltd	Australia
Live Nation Australia Festivals Pty Ltd	Australia
Live Nation Australia Venues Pty Ltd	Australia
Live Nation Holdings Australasia Pty Ltd	Australia
LN Oldco Pty Ltd	Australia
Look up and Live Pty Ltd	Australia
Secret Sounds Artist Management Pty Ltd	Australia
Secret Sounds Create Pty Ltd	Australia
Secret Sounds Group Pty Ltd	Australia
Secret Sounds Group Services Pty Ltd	Australia
Secret Sounds Pty Ltd	Australia
Secret Sounds Sponsorship Pty Ltd	Australia
Mixitup Australia Pty Ltd	Australia
Splendour in the Grass Pty Ltd	Australia
T Shirt Printers Pty Limited	Australia
Ticketmaster Australasia Pty Ltd	Australia
TSP Merchandising Pty Ltd	Australia
Village Sounds Agency Pty Ltd	Australia
Village Sounds Holdings Pty Limited	Australia
Live Nation Austria GmbH	Austria
Live Nation Argentina S.A.	Argentina
GMM Festival bvba	Belgium
Live Nation Belgium Holdings bvba	Belgium
Live Nation bvba	Belgium
Live Nation Festivals N.V.	Belgium
Ticketmaster Belgium N.V.	Belgium
Live Nation Brasil Entretenimento Ltda.	Brazil
Center of Gravity Sports and Music Festival Inc.	Canada
Front Gate Ticketing Solutions Canada, Ltd.	Canada
Live Nation Canada, Inc.	Canada
Live Nation Ontario Concerts GP, Inc.	Canada
Live Nation Ontario Concerts, L.P.	Canada
Live Nation Touring (Canada), Inc.	Canada
Manett Holdings (Canada) Limited	Canada
Reseau Admission ULC	Canada
Sal & Co LP	Canada
SC GP, Inc.	Canada
Ticketmaster Canada LP	Canada
Ticketmaster Canada ULC	Canada
Ticketmaster Canada Holdings ULC	Canada
Uniiverse Collaborative Lifestyle Inc.	Canada
Ticketmaster Cayman Finance Company Ltd.	Cayman Islands
Ticketmaster Middle East Limited	Cayman Islands
Live Nation Chile SpA	Chile
Aquapath Limited	Cyprus

- 6 -

International	State or Jurisdiction of Incorporation or Organization
Tickethour Group Limited	Cyprus
Tickethour (International) Limited	Cyprus
Live Nation Czech Republic Sro	Czech Republic
Ticketpro a.s.	Czech Republic
Ticketpro Software s.r.o.	Czech Republic
Ticketpro Technologies a.s.	Czech Republic
Danish Venue Enterprise A/S	Denmark
Live Nation Denmark Aps	Denmark
Live Nation Denmark Management Holding Aps	Denmark
Ticketmaster Danmark A/S	Denmark
Academy Music Fund Limited	England & Wales
Academy Music Group Limited	England & Wales
Academy Music Holdings Ltd	England & Wales
ANDpress Limited	England & Wales
Angel Venues Limited	England & Wales
ANM2 Limited	England & Wales
Apollo Leisure Group Limited	England & Wales
Arena Island Limited	England & Wales
Artist Nation Management Limited	England & Wales
Big Chill Republic Limited	England & Wales
C I (Events) Limited	England & Wales
Cream Events Limited	England & Wales
Cream Holdings Limited	England & Wales
Cream Liverpool Limited	England & Wales
Cuffe and Taylor Limited	England & Wales
De-lux Merchandise Company Limited	England & Wales
Electricland Limited	England & Wales
FC 1031 Limited	England & Wales
Festival Republic Limited	England & Wales
Finlaw 279 Limited	England & Wales
Front Gate Ticketing Solutions UK Limited	England & Wales
Full Circle Live Limited	England & Wales
Gafrus Limited	England & Wales
GetMeIn! Ltd	England & Wales
Globalgathering Group Limited	England & Wales
Hot Festivals Limited	England & Wales
HNOE Limited	England & Wales
Isle of Wight Festival Limited	England & Wales
Live Nation (Music) UK Limited	England & Wales
Live Nation Limited	England & Wales
Live Nation Merchandise Limited	England & Wales
LN-Gaiety Holdings Limited	England & Wales
Lollibop Festival Limited	England & Wales
MAMA & Company Limited	England & Wales
MAMA & Company Services Limited	England & Wales
MAMA Festivals Limited	England & Wales

- 7 -

International	State or Jurisdiction of Incorporation or Organization
MAMA New Music Limited	England & Wales
Maztec Limited	England & Wales
Maztecrose Holdings Limited	England & Wales
Metropolis Music Limited	England & Wales
Midland Concert Promotions Group Limited	England & Wales
Parklife Manchester Limited	England & Wales
Plan B Management Limited	England & Wales
Pollination Music Limited	England & Wales
Quest Management (UK) Limited	England & Wales
Reading Festival Limited	England & Wales
Roc Nation Sports Limited	England & Wales
Roc Nation UK limited	England & Wales
Roctronix Limited	England & Wales
Roseclaim Limited	England & Wales
Seatwave Limited	England & Wales
Showsec International Limited	England & Wales
Sotto Voce Limited	England & Wales
Sotto Voce Music Publishing Limited	England & Wales
the17 Limited	England & Wales
The Warehouse Project (Manchester) Limited	England & Wales
Three Six Zero Grp Limited	England & Wales
Three Six Zero Music Publishing Limited	England & Wales
Tickethour UK Limited	England & Wales
Ticket Web (UK) Limited	England & Wales
Ticketflask Limited	England & Wales
Ticketmaster Europe Holdco Limited	England & Wales
Ticketmaster Sport Limited	England & Wales
Ticketmaster UK Limited	England & Wales
Timbre Digital Limited	England & Wales
TM Number One Limited	England & Wales
Ugly Duckling Limited	England & Wales
Live Nation Baltics OU	Estonia
Live Nation Estonia OU	Estonia
Events Club Oy	Finland
Full Production Oy	Finland
Live Nation Finland Oy	Finland
Ticketmaster Suomi Oy	Finland
Entre Deux	France
Live Lab	France
Live Nation France	France
Live Nation France Festivals	France
Live Nation SAS	France
LNE France Holdings SAS	France
Ticketnet	France
Berlin Festival Gmbh & Co. KG	Germany
BF Berlin Festival Verwaltungs-GmbH	Germany

- 8 -

International	State or Jurisdiction of Incorporation or Organization
Live Nation Brand Partnership & Media GmbH	Germany
Live Nation Germany Oldco GmbH	Germany
Live Nation GmbH	Germany
Live Nation Holdings GmbH	Germany
Lollapalooza GmbH	Germany
Seatwave Deutschland GmbH	Germany
Ticketmaster Deutschland Holding GmbH	Germany
Ticketmaster GmbH	Germany
Ticketmaster Hellas S.A.	Greece
Live Nation (Electronic) Asia Limited	Hong Kong
Live Nation (HK) Limited	Hong Kong
Live Nation Marketing Partnerships Asia Limited	Hong Kong
Media Nation Limited	Hong Kong
Live Nation Central & Eastern Europe Kft	Hungary
IOMEDIA India Private Limited	India
PT Live Nation Indonesia	Indonesia
Amphitheatre Ireland Limited	Ireland
EP Republic Limited	Ireland
Festival Republic Dublin Limited	Ireland
Live Nation Ireland Holdings Limited	Ireland
Principle Management Limited	Ireland
The Ticket Shop Unlimited Company	Ireland
Ticketline Unlimited Company	Ireland
Ticket Shop Holdings (IOM)	Isle of Man
Ticket Shop One (IOM) Limited	Isle of Man
Ticket Shop Two (IOM) Limited	Isle of Man
Live Nation Israel Ltd.	Israel
Ticketmaster Israel Ltd	Israel
Get Live 2 Srl	Italy
Live Nation 2 Srl	Italy
Live Nation 3 Srl	Italy
Live Nation Italia Srl	Italy
Parcolimpico Srl	Italy
Ticketmaster Italia Srl	Italy
Live Nation Japan GK	Japan
UAB Live Nation Lietuva	Lithuania
Live Nation Luxembourg Holdco 1 S.à.r.l.	Luxembourg
Live Nation Luxembourg Holdco 2 S.à.r.l.	Luxembourg
Ticketmaster New Ventures S. de R.I. de C.V.	Mexico
Amsterdam Music Dome Exploitatie BV	Netherlands
Art of Bookings B.V.	Netherlands
Event Design Holland B.V.	Netherlands
Holland Event Marketing B.V.	Netherlands
Live Nation International Holdings B.V.	Netherlands
Live Nation Venues (Netherlands) B.V.	Netherlands
LYV B.V.	Netherlands

- 9 -

International	State or Jurisdiction of Incorporation or Organization
Mojo Concerts B.V.	Netherlands
Mojo Works B.V.	Netherlands
Noctua B.V.	Netherlands
Seatwave Nederland B.V.	Netherlands
Security Company Security B.V.	Netherlands
Straight International Security B.V.	Netherlands
The Event Support Company B.V.	Netherlands
The Security Company Utrecht Holland Holding B.V.	Netherlands
The Wolf Bookings B.V.	Netherlands
Tickethour Nederland B.V.	Netherlands
Ticketmaster B.V.	Netherlands
Evenz Limited	New Zealand
Live Nation NZ Festivals Limited	New Zealand
Live Nation NZ Limited	New Zealand
NZ Venue and Event Management Limited	New Zealand
Ticketmaster NZ Limited	New Zealand
QPAM Limited	New Zealand
Ticket Shop (NI) Limited	Northern Ireland
Billettservice AS	Norway
Event og Media AS	Norway
Live Nation Norway AS	Norway
Tickethour Norway AS	Norway
TimeOut Agency & Concerts AS	Norway
Live Nation Peru S.A.C.	Peru
Concert Supplies Sp. z o.o.	Poland
Live Nation Sp. z.o.o.	Poland
Music Marketing Sp. z.o.o.	Poland
Ticketmaster Poland Sp. z.o.o.	Poland
Ticketpro Polska sp zoo	Poland
ABC3 Limited	Scotland
D.F. Concerts Limited	Scotland
King Tut's Recordings Limited	Scotland
Tecjet Limited	Scotland
Live Nation Business Consulting (Shanghai) Company Limited	Shanghai, China
Live Nation (Singapore) Pte Ltd	Singapore
Big Concerts International Pty Ltd	South Africa
Big Concession Management Proprietary Limited	South Africa
Big Merchandise Proprietary Limited	South Africa
Live Nation Media and Sponsorship (Pty) Ltd	South Africa
Live Nation Korea Corporation	South Korea
Compania Editora de Talentos Internacionales S.A.	Spain
Live Nation Espana S.A.U.	Spain
Mean Fiddler Spain S.L.	Spain
Mediterranea Concerts SL	Spain
Seatwave Espana S.L.	Spain
Ticketmaster Iberica SLU	Spain

- 10 -

International	State or Jurisdiction of Incorporation or Organization
Ticketmaster Spain SAU	Spain
Artist och underhallningsservice i Sverige AB	Sweden
Live Nation Holding Nordic AB	Sweden
Live Nation Nordic AB	Sweden
Live Nation Sweden AB	Sweden
Lugerinc AB	Sweden
Neu Festival Live AB	Sweden
Sweden Rock Festival AB	Sweden
Ticketmaster New Ventures Holdings II AB	Sweden
Ticketmaster Sverige AB	Sweden
First Event AG	Switzerland
Live Nation Switzerland GmbH	Switzerland
Tickethost AG	Switzerland
TMLNE GmbH	Switzerland
Live Nation Taiwan Co., Ltd	Taiwan
Live Nation BEC-Tero Entertainment Co., Ltd	Thailand
Biletix Bilet Dagitim Basim ve Ticaret AS	Turkey
Biletix Sigorta Acenteligi AS	Turkey
Live Nation Middle East FZ-LLC	United Arab Emirates
Ticketmaster Middle East Events LLC	United Arab Emirates
Ticketmaster Middle East FZ-LLC	United Arab Emirates
Ticketmaster Middle East North LLC	United Arab Emirates

- 11 -

EX-23.1

EXHIBIT 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1) Registration Statement (Form S-3 No 333-190459) of Live Nation Entertainment, Inc.;

(2) Registration Statement (Form S-8 No. 333-175139) pertaining to the 2005 Stock Incentive Plan, as amended and restated as of April 15, 2011 of Live Nation Entertainment, Inc.;

(3) Registration Statement (Form S-3 No. 333-166148) of Live Nation Entertainment, Inc.;

(4) Registration Statement (Form S-8 No. 333-164507) pertaining to the Amended and Restated Ticketmaster Entertainment, Inc. 2008 Stock and Annual Incentive Plan;

(5) Registration Statement (Form S-8 No. 333-164494) pertaining to the Amended and Restated Live Nation, Inc. Stock Bonus Plan;

(6) Registration Statement (Form S-8 No. 333-164302) pertaining to the 2005 Stock Incentive Plan, as Amended and Restated of Live Nation, Inc.;

(7) Registration Statement (Form S-8 No. 333-157664) pertaining to the Employee Stock Bonus Plan of Live Nation, Inc.;

(8) Registration Statement (Form S-8 No. 333-149901) pertaining to the Employee Stock Bonus Plan of Live Nation, Inc.;

(9) Registration Statement (Form S-8 No. 333-132949) pertaining to the 2005 Stock Incentive Plan of Live Nation, Inc.; and

(10) Registration Statement (Form S-8 No. 333-206294) pertaining to the 2005 Stock Incentive Plan, as amended and restated as of March 19, 2015, of Live Nation Entertainment, Inc.

of our reports dated February 27, 2018, with respect to the consolidated financial statements of Live Nation Entertainment, Inc., and the effectiveness of internal control over financial reporting of Live Nation Entertainment, Inc., included in this Annual Report (Form 10-K) of Live Nation Entertainment, Inc. for the year ended December 31, 2017.

/s/ Ernst & Young LLP

Los Angeles, California

February 27, 2018

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

CERTIFICATION

I, Michael Rapino, certify that:

1. I have reviewed this Annual Report on Form 10-K of Live Nation Entertainment, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 27, 2018
By:	/s/ Michael Rapino
	Michael Rapino
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

CERTIFICATION

I, Kathy Willard, certify that:

1. I have reviewed this Annual Report on Form 10-K of Live Nation Entertainment, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 27, 2018
By:	/s/ Kathy Willard
	Kathy Willard
	Chief Financial Officer

EX-32.1

Exhibit 32.1

SECTION 1350 CERTIFICATION OF CHIEF EXECUTIVE OFFICER

In connection with this Annual Report of Live Nation Entertainment, Inc. (the “Company”) on Form 10-K for the year ended December 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Rapino, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 27, 2018
By:	/s/ Michael Rapino
	Michael Rapino
	President and Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

SECTION 1350 CERTIFICATION OF CHIEF FINANCIAL OFFICER

In connection with this Annual Report of Live Nation Entertainment, Inc. (the “Company”) on Form 10-K for the year ended December 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kathy Willard, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 27, 2018
By:	/s/ Kathy Willard
	Kathy Willard
	Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 20, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Live Nation Entertainment, Inc.
Entity Central Index Key	0001335258
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Public Float			$ 4,700,000,000
Entity Common Stock, Shares Outstanding		208,168,826
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 1,825,322	$ 1,526,591
Accounts receivable, less allowance of $32,755 and $29,634 in 2017 and 2016, respectively	725,304	568,936
Prepaid expenses	546,713	528,250
Other current assets	55,403	49,774
Total current assets	3,152,742	2,673,551
Property, plant and equipment
Land, buildings and improvements	955,937	838,545
Computer equipment and capitalized software	610,924	524,571
Furniture and other equipment	312,962	256,765
Construction in progress	133,906	125,430
Property, plant and equipment, gross	2,013,729	1,745,311
Less accumulated depreciation	1,127,793	993,775
Property, plant and equipment, net	885,936	751,536
Intangible assets
Definite-lived intangible assets, net	729,265	812,031
Indefinite-lived intangible assets	369,023	368,766
Goodwill	1,754,589	1,747,088
Other long-term assets	612,708	411,294
Total assets	7,504,263	6,764,266
Current liabilities
Accounts payable, client accounts	948,637	726,475
Accounts payable	85,666	55,030
Accrued expenses	1,109,246	781,494
Deferred revenue	925,220	804,973
Current portion of long-term debt, net	347,593	53,317
Other current liabilities	160,638	39,055
Total current liabilities	3,577,000	2,460,344
Long-term debt, net	1,952,366	2,259,736
Long-term deferred income taxes	137,635	197,811
Other long-term liabilities	174,391	149,791
Commitments and contingent liabilities
Redeemable noncontrolling interests	244,727	347,068
Stockholders’ equity
Common stock, $.01 par value; 450,000,000 shares authorized; 209,489,118 and 204,475,849 shares issued and 209,081,094 and 204,067,825 shares outstanding in 2017 and 2016, respectively	2,069	2,034
Additional paid-in capital	2,374,006	2,381,011
Accumulated deficit	(1,079,472)	(1,073,457)
Cost of shares held in treasury (408,024 shares)	(6,865)	(6,865)
Accumulated other comprehensive loss	(108,542)	(176,707)
Total Live Nation stockholders’ equity	1,181,196	1,126,016
Noncontrolling interests	236,948	223,500
Total equity	1,418,144	1,349,516
Total liabilities and equity	7,504,263	6,764,266
Series A Preferred Stock [Member]
Stockholders’ equity
Preferred stock	0	0
Preferred Stock [Member]
Stockholders’ equity
Preferred stock	$ 0	$ 0

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets
Allowance for doubtful accounts	$ 32,755	$ 29,634
Stockholders’ equity
Common stock, par value (in dollars per share	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	208,483,993	204,475,849
Common stock, shares outstanding	208,075,969	204,067,825
Treasury stock, shares	408,024	408,024
Series A Preferred Stock [Member]
Stockholders’ equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Preferred Stock [Member]
Stockholders’ equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenue	$ 10,337,448	$ 8,354,934	$ 7,245,731
Operating expenses:
Direct operating expenses	7,748,791	6,082,708	5,196,473
Selling, general and administrative expenses	1,907,723	1,548,450	1,411,855
Depreciation and amortization	455,534	403,651	397,241
Loss (gain) on disposal of operating assets	(969)	124	845
Corporate expenses	134,972	125,061	107,945
Operating income (loss)	91,397	194,940	131,372
Interest expense	106,722	106,506	102,881
Loss on extinguishment of debt	1,048	14,049	0
Interest income	(5,717)	(2,573)	(3,528)
Equity in losses (earnings) of nonconsolidated affiliates	(1,161)	17,802	(1,502)
Other expense (income), net	(115)	10,830	27,168
Income before income taxes	(9,380)	48,326	6,353
Income tax expense (benefit)	(17,154)	28,029	22,122
Net income (loss)	7,774	20,297	(15,769)
Net income attributable to noncontrolling interests	13,789	17,355	16,739
Net income (loss) attributable to common stockholders of Live Nation	$ (6,015)	$ 2,942	$ (32,508)
Basic and diluted net loss per common share available to common stockholders of Live Nation	$ (0.48)	$ (0.23)	$ (0.33)
Weighted average common shares outstanding:
Basic and diluted (in shares)	204,923,740	202,076,243	200,973,485
Reconciliation to net loss available to common stockholders of Live Nation:
Net income (loss) attributable to common stockholders of Live Nation	$ (6,015)	$ 2,942	$ (32,508)
Accretion of redeemable noncontrolling interests	(91,631)	(49,952)	(33,179)
Basic and diluted net loss available to common stockholders of Live Nation	$ (97,646)	$ (47,010)	$ (65,687)

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 7,774	$ 20,297	$ (15,769)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	67,704	(64,947)	(41,895)
Other	461	(103)	248
Comprehensive income (loss)	75,939	(44,753)	(57,416)
Comprehensive income attributable to noncontrolling interests	13,789	17,355	16,739
Comprehensive income (loss) attributable to common stockholders of Live Nation	$ 62,150	$ (62,108)	$ (74,155)

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Cost of Shares Held in Treasury [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]	Redeemable Noncontrolling Interests [Member]
Balances at Dec. 31, 2014	$ 1,483,847	$ 2,004	$ 2,414,428	$ (1,042,603)	$ (6,865)	$ (70,010)	$ 186,893
Balances (in shares) at Dec. 31, 2014		200,431,276
Equity [Roll Forward]
Non-cash and stock-based compensation	33,361		33,361
Common stock issued under stock plans, net of shares withheld for employee taxes	(7,652)	$ 5	(7,657)		0
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares)		460,418
Exercise of stock options	16,280	$ 11	16,269
Exercise of stock options (in shares)		1,138,891
Acquisitions	30,627						30,627
Purchases of noncontrolling interests	(10,140)		(6,555)				(3,585)
Sales of noncontrolling interests	12,619		11,899				720
Redeemable noncontrolling interests fair value adjustments	(33,179)		(33,179)
Noncontrolling interests contributions	255						255
Cash distributions	(24,693)						(24,693)
Other	(5,182)		0				(5,182)
Comprehensive income (loss):
Net income (loss)	(7,577)			(32,508)			24,931
Foreign currency translation adjustments	(41,895)					(41,895)
Other	248					248
Balances at Dec. 31, 2015	1,446,919	$ 2,020	2,428,566	(1,075,111)	(6,865)	(111,657)	209,966
Balances (in shares) at Dec. 31, 2015		202,030,585
Balances at Dec. 31, 2014								$ 168,855
Redeemable Noncontrolling Interests [Roll Forward]
Acquisitions								83,263
Purchases of noncontrolling interests								0
Sales of noncontrolling interests								(9,652)
Redeemable noncontrolling interests fair value adjustments								33,179
Cash distributions								(5,953)
Other								2,215
Comprehensive income (loss):
Net income (loss)								(8,192)
Balances at Dec. 31, 2015								263,715
Equity [Roll Forward]
Non-cash and stock-based compensation	32,723		34,011	(1,288)
Common stock issued under stock plans, net of shares withheld for employee taxes	(4,107)	$ 3	(4,110)		0
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares)		302,545
Exercise of stock options	20,299	$ 11	20,288
Exercise of stock options (in shares)		1,062,936
Acquisitions	40,697						40,697
Divestitures	(1,856)						(1,856)
Purchases of noncontrolling interests	(63,160)		(49,111)				(14,049)
Sales of noncontrolling interests	1,851		1,424				427
Redeemable noncontrolling interests fair value adjustments	(49,952)		(49,952)
Cash distributions	(34,285)						(34,285)
Other	(504)		(105)				(399)
Comprehensive income (loss):
Net income (loss)	25,941			2,942			22,999
Foreign currency translation adjustments	(64,947)					(64,947)
Other	(103)					(103)
Balances at Dec. 31, 2016	1,349,516	$ 2,034	2,381,011	(1,073,457)	(6,865)	(176,707)	223,500
Balances (in shares) at Dec. 31, 2016		203,396,066
Redeemable Noncontrolling Interests [Roll Forward]
Acquisitions								72,560
Purchases of noncontrolling interests								(12,674)
Sales of noncontrolling interests								0
Redeemable noncontrolling interests fair value adjustments								49,952
Cash distributions								(20,846)
Other								5
Comprehensive income (loss):
Net income (loss)								(5,644)
Balances at Dec. 31, 2016	347,068							347,068
Equity [Roll Forward]
Non-cash and stock-based compensation	42,755		42,755
Common stock issued under stock plans, net of shares withheld for employee taxes	(5,452)	$ 4	(5,456)		0
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares)		342,974
Exercise of stock options	51,069	$ 31	51,038
Exercise of stock options (in shares)		3,137,997
Acquisitions	9,159						9,159
Purchases of noncontrolling interests	(6,452)		(3,616)				(2,836)
Redeemable noncontrolling interests fair value adjustments	(91,631)		(91,631)
Noncontrolling interests contributions	10,671						10,671
Cash distributions	(24,715)						(24,715)
Other	117		(95)				212
Comprehensive income (loss):
Net income (loss)	14,942			(6,015)			20,957
Foreign currency translation adjustments	67,704					67,704
Other	461					461
Balances at Dec. 31, 2017	1,418,144	$ 2,069	$ 2,374,006	$ (1,079,472)	$ (6,865)	$ (108,542)	$ 236,948
Balances (in shares) at Dec. 31, 2017		206,877,037
Redeemable Noncontrolling Interests [Roll Forward]
Acquisitions								6,640
Purchases of noncontrolling interests								(165,227)
Redeemable noncontrolling interests fair value adjustments								91,631
Contributions received								1,875
Cash distributions								(28,994)
Other								(1,099)
Comprehensive income (loss):
Net income (loss)								(7,167)
Balances at Dec. 31, 2017	$ 244,727							$ 244,727

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 7,774	$ 20,297	$ (15,769)
Reconciling items:
Depreciation	149,634	139,288	134,148
Amortization	305,900	264,363	263,093
Deferred income tax benefit	(71,539)	(7,891)	(9,611)
Amortization of debt issuance costs, discounts and premium, net	13,174	12,594	10,885
Provision for uncollectible accounts receivable and advances	20,295	21,681	19,505
Loss on extinguishment of debt	1,048	14,049	0
Non-cash compensation expense	42,755	32,723	33,361
Unrealized changes in fair value of contingent consideration	18,011	(5,715)	8,010
Equity in losses (earnings) of nonconsolidated affiliates, net of distributions	6,898	27,498	9,436
Other, net	67	(3,587)	(11,525)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable	(133,020)	(146,128)	(67,235)
Increase in prepaid expenses and other assets	(239,065)	(129,748)	(122,872)
Increase in accounts payable, accrued expenses and other liabilities	474,301	193,775	3,480
Increase in deferred revenue	26,773	164,291	52,948
Net cash provided by operating activities	623,006	597,490	307,854
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable	(19,120)	(17,227)	(28,288)
Investments made in nonconsolidated affiliates	(25,170)	(28,922)	(21,998)
Purchases of property, plant and equipment	(238,435)	(173,827)	(142,491)
Cash paid for acquisitions, net of cash acquired	(47,946)	(211,624)	(89,780)
Purchases of intangible assets	(10,977)	(6,234)	(12,267)
Other, net	14,062	11,357	3,839
Net cash used in investing activities	(327,586)	(426,477)	(290,985)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs	60,912	844,451	57,276
Payments on long-term debt including extinguishment costs	(110,855)	(606,831)	(63,569)
Contributions from noncontrolling interests	10,671	88	711
Distributions to noncontrolling interests	(46,036)	(55,131)	(30,645)
Purchases and sales of noncontrolling interests, net	(71,509)	(69,106)	(9,752)
Proceeds from exercise of stock options	51,069	20,299	16,280
Payments for deferred and contingent consideration	(15,883)	(20,539)	(6,770)
Other, net	(5,452)	(14,019)	(7,652)
Net cash provided by (used in) financing activities	(127,083)	99,212	(44,121)
Effect of exchange rate changes on cash and cash equivalents	130,394	(46,759)	(51,652)
Net increase (decrease) in cash and cash equivalents	298,731	223,466	(78,904)
Cash and cash equivalents at beginning of period	1,526,591	1,303,125	1,382,029
Cash and cash equivalents at end of period	1,825,322	1,526,591	1,303,125
Cash paid during the year for:
Interest, net of interest income	87,111	96,678	92,620
Income taxes, net of refunds	$ 44,871	$ 30,312	$ 44,287

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THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

History

Live Nation was incorporated in Delaware on August 2, 2005 in preparation for the contribution and transfer by Clear Channel Communications, Inc. of substantially all of its entertainment assets and liabilities to the Company. The Company completed this separation on December 21, 2005 and became a publicly traded company on the New York Stock Exchange trading under the symbol “LYV.”

On January 25, 2010, the Company merged with Ticketmaster Entertainment LLC and it became a wholly-owned subsidiary of Live Nation. Effective with the merger, Live Nation, Inc. changed its name to Live Nation Entertainment, Inc.

Seasonality

Due to the seasonal nature of shows at outdoor amphitheaters and festivals, which primarily occur from May through October, the Concerts and Sponsorship & Advertising segments experience higher revenue during the second and third quarters. The Ticketing segment’s revenue is impacted by fluctuations in the availability of events for sale to the public, which vary depending upon scheduling by its clients. The Company’s seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year.

Basis of Presentation and Principles of Consolidation

The Company’s consolidated financial statements include all accounts of the Company, its majority owned and controlled subsidiaries and VIEs for which the Company is the primary beneficiary. Intercompany accounts among the consolidated businesses have been eliminated in consolidation. Net income (loss) attributable to noncontrolling interests is reflected in the statements of operations.

Typically the Company consolidates entities in which the Company owns more than 50% of the voting common stock and controls operations and also VIEs for which the Company is the primary beneficiary. Investments in nonconsolidated affiliates in which the Company owns more than 20% of the voting common stock or otherwise exercises significant influence over operating and financial policies but not control of the nonconsolidated affiliate are accounted for using the equity method of accounting. Investments in nonconsolidated affiliates in which the Company owns less than 20% of the voting common stock and does not exercise significant influence over operating and financial policies are accounted for using the cost method of accounting.

All cash flow activity reflected on the consolidated statements of cash flows for the Company is presented net of any non-cash transactions so the amounts reflected may be different than amounts shown in other places in the Company’s financial statements that are based on accrual accounting and therefore include non-cash amounts. For example, the purchases of property, plant and equipment reflected on the consolidated statements of cash flows reflects the amount of cash paid during the year for these purchases and does not include the impact of the changes in accrued expenses related to capital expenditures during the year. 

Variable Interest Entities

In the normal course of business, the Company enters into joint ventures or makes investments in companies that will allow it to expand its core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. In determining whether the Company is the primary beneficiary of a VIE, it assesses whether it has the power to direct activities that most significantly impact the economic performance of the entity and has the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities the Company believes most significantly impact the economic performance of its VIEs include the unilateral ability to approve the annual budget, the unilateral ability to terminate key management and the unilateral ability to approve entering into agreements with artists, among others. The Company has certain rights and obligations related to its involvement in the VIEs, including the requirement to provide operational cash flow funding. As of December 31, 2017 and 2016, excluding intercompany balances and allocated goodwill and intangible assets, there were $192.1 million and $186.4 million of assets and $98.0 million and $98.9 million of liabilities, respectively, related to VIEs included in the balance sheets. None of the Company’s VIEs are significant on an individual basis.

Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. The Company’s cash and cash equivalents consist primarily of domestic and foreign bank accounts as well as interest-bearing accounts consisting primarily of bank deposits and money market accounts managed by third-party financial institutions. These balances are stated at cost, which approximates fair value.

Included in the December 31, 2017 and 2016 cash and cash equivalents balance is $769.4 million and $591.0 million, respectively, of cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to the clients. The Company generally does not utilize client cash for its own financing or investing activities as the amounts are payable to clients on a regular basis. These amounts due to clients are included in accounts payable, client accounts.

Cash held in interest-bearing operating accounts in many cases exceeds the Federal Deposit Insurance Corporation insurance limits. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents; however, these balances could be impacted in the future if the underlying financial institutions fail. To date, the Company has experienced no loss or lack of access to its cash or cash equivalents; however, the Company can provide no assurances that access to its cash and cash equivalents will not be impacted in the future by adverse conditions in the financial markets.

Allowance for Doubtful Accounts

The Company evaluates the collectability of its accounts receivable based on a combination of factors. Generally, it records specific reserves to reduce the amounts recorded to what it believes will be collected when a customer’s account ages beyond typical collection patterns, or the Company becomes aware of a customer’s inability to meet its financial obligations.

The Company believes that the credit risk with respect to trade receivables is limited due to the large number and the geographic diversification of its customers.

Prepaid Expenses

The majority of the Company’s prepaid expenses relate to event expenses including show advances and deposits and other costs directly related to future concert events. For advances that are expected to be recouped over a period of more than 12 months, the long-term portion of the advance is classified as other long-term assets. These prepaid costs are charged to operations upon completion of the related events.

Ticketing contract advances, which can be either recoupable or non-recoupable, represent amounts paid in advance to the Company’s clients pursuant to ticketing agreements and are reflected in prepaid expenses or in other long-term assets if the amount is expected to be recouped or recognized over a period of more than 12 months. Recoupable ticketing contract advances are generally recoupable against future royalties earned by the clients, based on the contract terms, over the life of the contract. Non-recoupable ticketing contract advances, excluding those amounts paid to support clients’ advertising costs, are fixed additional incentives occasionally paid by the Company to secure the contract with certain clients and are normally amortized over the life of the contract on a straight-line basis. Amortization of these non-recoupable ticketing contract advances is included in depreciation and amortization in the statements of operations. For the years ended December 31, 2017, 2016 and 2015, the Company amortized $83.3 million, $85.1 million and $86.6 million, respectively, related to non-recoupable ticketing contract advances.

Business Combinations

During 2017, 2016 and 2015, the Company completed several acquisitions that were accounted for as business combinations under the acquisition method of accounting. These acquisitions were not significant either on an individual basis or in the aggregate.

The Company accounts for its business combinations under the acquisition method of accounting. Identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree are recognized and measured as of the acquisition date at fair value. Additionally, any contingent consideration is recorded at fair value on the acquisition date and classified as a liability. Goodwill is recognized to the extent by which the aggregate of the acquisition-date fair value of the consideration transferred and any noncontrolling interest in the acquiree exceeds the recognized basis of the identifiable assets acquired, net of assumed liabilities. Determining the fair value of assets acquired, liabilities assumed and noncontrolling interests requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates and asset lives among other items.

Property, Plant and Equipment

Property, plant and equipment are stated at cost or fair value at the date of acquisition. Depreciation, which is recorded for both owned assets and assets under capital leases, is computed using the straight-line method over their estimated useful lives, which are typically as follows:

Buildings and improvements - 10 to 50 years

Computer equipment and capitalized software - 3 to 10 years

Furniture and other equipment - 3 to 10 years

Leasehold improvements are depreciated over the shorter of the economic life or associated lease term assuming the Company exercises renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for asset renewal and improvements are capitalized.

The Company tests for possible impairment of property, plant and equipment whenever events or circumstances change, such as a current period operating cash flow loss combined with a history of, or projected, operating cash flow losses or a significant adverse change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows related to the asset to the carrying value of the asset. If the carrying value is greater than the estimated undiscounted future cash flow amount, an impairment charge is recorded based on the difference between the fair value and the carrying value. Any such impairment charge is recorded in depreciation and amortization in the statements of operations. The impairment loss calculations require management to apply judgment in estimating future cash flows and the discount rates that reflect the risk inherent in future cash flows.

Intangible Assets

The Company classifies intangible assets as definite-lived or indefinite-lived. Definite-lived intangibles include revenue-generating contracts, client/vendor relationships, trademarks and naming rights, technology, non-compete agreements, and venue management and leasehold agreements, all of which are amortized either on a straight-line basis over the respective lives of the agreements, typically 3 to 15 years, or on a basis more representative of the time pattern over which the benefit is derived. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are stated at cost or fair value at the date of acquisition. Indefinite-lived intangibles consist of trade names. Indefinite-lived intangibles are not subject to amortization, but are reviewed for impairment at least annually.

The Company tests for possible impairment of definite-lived intangible assets whenever events or circumstances change, such as a current period operating cash flow loss combined with a history of, or projected, operating cash flow losses or a significant adverse change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows related to the asset to the carrying value of the asset. If the carrying value is greater than the estimated undiscounted future cash flow amount, an impairment charge is recorded based on the difference between the fair value and the carrying value. Any such impairment charge is recorded in depreciation and amortization in the statements of operations.

The Company tests for possible impairment of indefinite-lived intangible assets at least annually. Depending on facts and circumstances, qualitative factors may first be assessed to determine whether the existence of events and circumstances indicate that it is more likely than not that an indefinite-lived intangible asset is impaired. If it is concluded that it is more likely than not impaired, the Company performs a quantitative impairment test by comparing the fair value with the carrying amount. If the qualitative assessment is not performed first, the Company performs only this quantitative test. When specific assets are determined to be impaired, the cost basis of the asset is reduced to reflect the current fair value. Any such impairment charge is recorded in depreciation and amortization in the statements of operations. The impairment loss calculations require management to apply judgment in estimating future cash flows, projected expected revenue, discount rates and royalty rates that reflect the risk inherent in future cash flows.

Goodwill

The Company reviews goodwill for impairment annually, as of October 1, using a two-step process. It also tests goodwill for impairment in other periods if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount or when the Company changes its reporting units.

The first step is a qualitative evaluation as to whether it is more likely than not that the fair value of any of the Company’s reporting units is less than its carrying value using an assessment of relevant events and circumstances. Examples of such events and circumstances include historical financial performance, industry and market conditions, macroeconomic conditions, reporting unit-specific events, historical results of goodwill impairment testing and the timing of the last performance of a quantitative assessment.

If any reporting units are concluded to be more likely than not impaired, or if that conclusion cannot be determined qualitatively, a second step is performed for that reporting unit. Regardless, all reporting units undergo a second step at least once every five years. This second step, used to quantitatively screen for potential impairment and measure the impairment, if any, compares the fair value of the reporting unit with its carrying amount, including goodwill. If the reporting unit’s carrying value exceeds its fair value, the excess of the carrying value over the fair value is recorded as an impairment to goodwill. If a reporting unit’s carrying value is negative, the reporting unit passes the impairment test. In this case, the Company will disclose the amount of goodwill allocated to that reporting unit and disclose which reportable segment the reporting unit is included in. In both steps, discount rates, market multiples, and sensitivity tests are derived and/or computed with the assistance of external valuation consultants.

The second step that the Company uses to evaluate goodwill for impairment and measure impairment, if any, involves the determination of the fair value of the Company’s reporting units. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates.

In developing fair values for its reporting units, the Company employs a market multiple or a discounted cash flow methodology, or a combination thereof. The market multiple methodology compares the Company to similar companies on the basis of risk characteristics to determine its risk profile relative to those companies as a group. This analysis generally focuses on both quantitative considerations, which include financial performance and other quantifiable data, and qualitative considerations, which include any factors which are expected to impact future financial performance. The most significant assumptions affecting the market multiple methodology are the market multiples used and control premium. A control premium represents the additional value an investor would pay in order to obtain a controlling interest in the respective reporting unit.

The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the reporting unit. It is important to note that items such as depreciation, amortization and stock-based compensation expense are not part of cash flows which is more akin to the Company’s AOI metric. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The discounted cash flow methodology uses the Company’s estimates of future financial performance. The most significant assumptions used in the discounted cash flow methodology are the discount rate and expected future revenue, which vary among reporting units.

Nonconsolidated Affiliates

In general, nonconsolidated investments in which the Company owns more than 20% of the common stock or otherwise exercises significant influence over an affiliate are accounted for under the equity method. The Company recognizes gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statements of operations for any decline in value that is determined to be other-than-temporary. If the Company obtains control of a nonconsolidated affiliate through the purchase of additional ownership interest or changes in the governing agreements, it remeasures its investment to fair value first and then applies the accounting guidance for business combinations. Any gain or loss resulting from the remeasurement to fair value is recorded as a component of other expense (income), net in the statements of operations.

Accounts Payable, Client Accounts

Accounts payable, client accounts consists of contractual amounts due to ticketing clients which includes the face value of tickets sold and the clients’ share of service charges.

Income Taxes

The Company accounts for income taxes using the liability method which results in deferred tax assets and liabilities based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion of or the entire asset will not be realized. As almost all earnings from the Company’s continuing foreign operations are permanently reinvested and not distributed, the Company’s income tax provision does not include additional United States state and foreign withholding or transaction taxes on those foreign earnings that would be incurred if they were distributed. It is not practicable to determine the amount of state and foreign income taxes, if any, that might become due in the event that any remaining available cash associated with these earnings were distributed.

The FASB guidance for income taxes prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is more likely than not to be realized upon ultimate settlement.

The Company has established a policy of including interest related to tax loss contingencies in income tax expense (benefit) in the statements of operations.

Revenue Recognition

Revenue from the promotion and production of an event in the Concerts segment is recognized after the show occurs. Revenue related to larger global tours is also recognized after the show occurs; however, any profits related to these tours, primarily related to music tour production and tour management services, is recognized after minimum revenue guarantee thresholds, if any, have been achieved. Revenue collected in advance of the event is recorded as deferred revenue until the event occurs. Revenue collected from sponsorships and other revenue, which is not related to any single event, is classified as deferred revenue and generally recognized over the operating season or the term of the contract.

Revenue from the Company’s ticketing operations primarily consists of service fees charged at the time a ticket for an event is sold. For tickets sold to events at the Company’s owned or operated venues and festivals in the United States, and where the Company controls the tickets internationally, the revenue for the associated ticket service charges collected in advance of the event is recorded as deferred revenue until the event occurs and these service charges are shared between the Company’s Ticketing and Concerts segments. For tickets sold for events at third-party venues, the revenue is recognized at the time of the sale and is recorded by the Company’s Ticketing segment.

The Company accounts for taxes that are externally imposed on revenue producing transactions on a net basis.

Gross versus Net Revenue Recognition

The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. To the extent the Company acts as the principal, revenue is reported on a gross basis. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company has the substantial risks and rewards of ownership under the terms of an arrangement. The Ticketing segment’s revenue, which primarily consists of service fees from its ticketing operations, is recorded net of the face value of the ticket as the Company generally acts as an agent in these transactions.

Foreign Currency

Results of operations for foreign subsidiaries and foreign equity investees are translated into United States dollars using the average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into United States dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders’ equity in AOCI. Foreign currency transaction gains and losses are included in the statements of operations and include the impact of revaluation of certain foreign currency denominated net assets or liabilities held internationally. For the year ended December 31, 2017, the Company recorded net foreign currency transaction gains of $3.1 million. For the years ended December 31, 2016 and 2015, the Company recorded net foreign currency transaction losses of $8.8 million and $35.3 million, respectively. The Company does not currently have operations in highly inflationary countries.

Advertising Expense

The Company records advertising expense in the year that it is incurred. Throughout the year, general advertising expenses are recognized as they are incurred, but event-related advertising for concerts is recognized once the show occurs. However, all advertising costs incurred during the year and not previously recognized are expensed at the end of the year. Advertising expenses of $378.1 million, $311.9 million and $275.6 million for the years ended December 31, 2017, 2016 and 2015, respectively, were recorded as a component of direct operating expenses. Advertising expenses of $40.3 million, $33.2 million and $28.6 million for the years ended December 31, 2017, 2016 and 2015, respectively, were recorded as a component of selling, general and administrative expenses.

Direct Operating Expenses

Direct operating expenses include artist fees, show-related marketing and advertising expenses, royalties paid to clients for their share of service charges, rent expense for events in third-party venues, credit card fees, telecommunication and data communication costs associated with the Company’s call centers, commissions paid on tickets distributed through independent sales outlets away from the box office, and salaries and wages related to seasonal employees at the Company’s venues along with other costs, including ticket stock and shipping. These costs are primarily variable in nature.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include salaries and other compensation costs related to full-time employees, fixed rent, travel and entertainment, legal expenses and consulting along with other costs.

Depreciation and Amortization

The Company’s depreciation and amortization is presented as a separate line item in the statements of operations. There is no depreciation or amortization included in direct operating expenses, selling, general and administrative expenses or corporate expenses.

Non-cash and Stock-based Compensation

The Company follows the fair value recognition provisions in the FASB guidance for stock compensation. Stock-based compensation expense recognized includes compensation expense for all share-based payments using the estimated grant date fair value. Stock-based compensation expense is adjusted for forfeitures as they occur.

The fair value for options in Live Nation stock is estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of the options is amortized to expense on a straight-line basis over the options’ vesting period. The Company uses an expected volatility based on an even weighting of its own traded options and historical volatility. Beginning in 2017, the Company uses a weighted-average expected life based on historical experience calculated with the assistance of outside consultants. Through December 31, 2016, the Company used the simplified method for estimating the expected life within the valuation model which is the period of time that options granted are expected to be outstanding. The Company used the simplified method as it did not believe its historical experience provided a reasonable basis with which to estimate the expected term due to the impact of a number of divestitures after its inception, the varying vesting terms of awards issued since the Company’s inception and the impact from the type and amount of awards converted pursuant to the Company’s merger with Ticketmaster Entertainment LLC. The risk-free rate for periods within the expected life of the option is based on the United States Treasury note rate.

The fair value of restricted stock awards and deferred stock awards, which is generally the stock price on the date of grant, is amortized to expense on a straight-line basis over the vesting period except for restricted stock awards and deferred stock awards with minimum performance or market targets as their vesting condition. The performance-based awards are amortized to expense on a graded basis over the vesting period to the extent that it is probable that the performance criteria will be met. Specific for market-based awards, the fair value is estimated using a Monte Carlo simulation model and is then amortized to expense on a graded basis over the derived service period, which is estimated as the median weighted average vesting period from the Monte Carlo simulation model. However, unlike awards with a service or performance condition, the expense for market-based awards will not be reversed solely because the market condition is not satisfied.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals, acquisition accounting and impairments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Accounting Pronouncements - Recently Adopted

In March 2016, the FASB issued guidance clarifying that the assessment of whether an embedded contingent put or call option is clearly and closely related to the debt instrument only requires an analysis pursuant to the four-step decision sequence outlined in the guidance for embedded derivatives. The guidance should be applied to existing debt instruments using a modified retrospective method as of the beginning of the period of adoption. The Company adopted this guidance on January 1, 2017, and the adoption did not have an impact on its financial position or results of operations.

In October 2016, the FASB issued guidance that requires a single decision maker evaluating whether it is the primary beneficiary of a variable interest entity to consider its indirect interests held by related parties that are under common control on a proportionate basis as opposed to considering those interests in their entirety as required by current guidance. The guidance should be applied retrospectively. The Company adopted this guidance on January 1, 2017, and the adoption did not have an impact on its financial position or results of operations.

In December 2016, the FASB issued guidance making technical corrections and improvements, which includes an update clarifying how to account for arrangements that include a license to use internal-use software acquired from third parties. The guidance for this specific technical correction should be applied prospectively. The Company adopted this guidance on January 1, 2017, and the adoption did not have a material effect on its financial position or results of operations.

In January 2017, the FASB issued guidance that eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The guidance should be applied prospectively to goodwill impairment tests performed within the period of adoption. The Company adopted this guidance effective October 1, 2017.

Accounting Pronouncements - Not Yet Adopted

Revenue Recognition

In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP. The new standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to receive in exchange for those goods or services. The FASB also issued important guidance clarifying certain guidelines of the standard including (1) reframing the indicators in the principal versus agent guidance to focus on evidence that a company is acting as a principal rather than agent and (2) identifying performance obligations and licensing. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within that year. Early adoption of the standard is only permitted for annual periods beginning after December 15, 2016 and interim periods within that year. The guidance should be applied retrospectively, either to each prior period presented in the financial statements, or only to the most current reporting period presented in the financial statements with a cumulative-effect adjustment as of the date of adoption.

To assess the impact of the standard, the Company dedicated personnel to lead the implementation effort and supplemented them with additional external resources. These personnel reviewed the amended guidance and subsequent clarifications, conducted surveys of divisional finance managers to obtain a detailed understanding of contracts with customers within each division, and reviewed a sample of contracts judgmentally selected based on the size and complexity of all major revenue streams. The Company has completed its review and analysis, including the estimated impact of the new guidance.

Based on the procedures performed to date, the Company believes it has identified all material contract types and costs that will be impacted by the new guidance. The Concerts segment, representing approximately 76% of the Company’s 2017 consolidated revenue, will not require a change in its revenue recognition as the Company believes this revenue should continue to be deferred until the event date under the new standard. For the Ticketing segment, representing approximately 21% of 2017 consolidated revenue, the Company has concluded that it will no longer present certain payments to ticketing clients as an expense and will begin reflecting these payments as a reduction of revenue. Previously, the Company recognized royalties paid to ticketing clients as direct operating expenses and nonrecoupable ticketing contract advances as depreciation and amortization. Under the new guidance, the Company will now recognize royalties and ticketing contract advances paid to ticketing clients as a reduction to revenue. Consolidated revenue for 2017 will be reduced by $650.2 million, or approximately 6%, and the Ticketing segment revenue will be reduced by $797.3 million, or approximately 37%. There will be no impact overall to operating income. The timing of revenue recognition will not change for the Ticketing segment. The remaining revenue streams of the Company will not be impacted by the new guidance.

The Company is compiling the data necessary for the required disclosures along with implementing changes to internal controls and accounting policies and processes that may be required to comply with the new revenue recognition and disclosure requirements. The Company will adopt this standard on January 1, 2018, applying it retrospectively to each prior period presented in the consolidated statements of operations.

The table below represents the impact of the adoption to the Company’s consolidated and Ticketing segment’s results of operations. The impact to the consolidated results of operations includes the elimination of intercompany transactions between the Company’s Concerts and Ticketing segments.

	As Reported		Adjustment			As Restated
	(in thousands)
Consolidated
2017
Revenue	$	10,337,448	$	(650,226	)	$	9,687,222
Direct operating expenses	$	7,748,791	$	(566,893	)	$	7,181,898
Depreciation and amortization	$	455,534	$	(83,333	)	$	372,201
2016
Revenue	$	8,354,934	$	(528,598	)	$	7,826,336
Direct operating expenses	$	6,082,708	$	(443,531	)	$	5,639,177
Depreciation and amortization	$	403,651	$	(85,067	)	$	318,584
Ticketing Segment
2017
Revenue	$	2,143,800	$	(797,290	)	$	1,346,510
Direct operating expenses	$	1,170,121	$	(709,240	)	$	460,881
Depreciation and amortization	$	200,777	$	(88,050	)	$	112,727
2016
Revenue	$	1,827,930	$	(661,901	)	$	1,166,029
Direct operating expenses	$	956,956	$	(574,266	)	$	382,690
Depreciation and amortization	$	185,925	$	(87,635	)	$	98,290

Lease Accounting

In February 2016, the FASB issued guidance that requires lessees to recognize most leases on their balance sheet as a lease liability and a right-of-use asset, and to disclose key information about leasing arrangements. The guidance is effective for annual periods beginning after December 15, 2018 and interim periods within that year, and early adoption is permitted. The guidance should be applied on a modified retrospective basis. 

To assess the impact of the standard, the Company has dedicated certain of its personnel to lead the implementation effort. These personnel reviewed the amended guidance and subsequent clarifications and attended multiple training sessions in order to understand the potential impact the new standard could have on the Company’s financial position and results of operations. The Company has formed a cross-functional steering committee including members from its major divisions. The Company is in the process of implementing a third-party lease accounting software to record, analyze, and calculate the financial statement and disclosure impacts.

The Company will finalize its conclusions in 2018 and ensure that it can produce the data necessary for the required disclosures along with assessing changes to internal controls and processes that may be required to comply with the new lease accounting and disclosure requirements. The Company will adopt this standard on January 1, 2019 and is currently evaluating the impact that this guidance will have on its financial position and results of operations.

Other Pronouncements

In January 2016, the FASB issued amendments for the recognition, measurement, presentation and disclosure of financial instruments. Among other things, the guidance requires equity investments that do not result in consolidation and are not accounted for under the equity method to be measured at fair value with any change in fair value recognized in net income unless the investments do not have readily determinable fair values. The amendments are effective for annual periods beginning after December 15, 2017 and interim periods within that year. Early adoption is not permitted for most of the amendments. The amendments are to be applied through a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption with the exception of equity investments without readily determinable fair values, which will be applied prospectively. The Company will adopt this guidance on January 1, 2018, and does not expect the adoption to have a material impact on its financial position and results of operations.

In October 2016, the FASB issued guidance that requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the period in which the transfer occurs. That is a change from current guidance which requires companies to defer the income tax effects of intercompany transfers of assets until the asset has been sold to an outside party or otherwise recognized. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that year, and early adoption is permitted. The guidance should be applied on a modified retrospective basis. The Company will adopt this guidance on January 1, 2018, and the adoption will not impact its financial position or results of operations.

In January 2017, the FASB issued guidance that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business and should be accounted for as an asset acquisition rather than a business combination. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that year, and early adoption is permitted. The guidance should be applied prospectively to any transactions occurring within the period of adoption. The Company will adopt this guidance on January 1, 2018, and will apply it prospectively to acquisitions occurring on or after January 1, 2018.

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LONG-LIVED ASSETS

12 Months Ended

Dec. 31, 2017

LONG-LIVED ASSETS [Abstract]

LONG-LIVED ASSETS

LONG-LIVED ASSETS

Definite-lived Intangible Assets

The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the years ended December 31, 2017 and 2016:

	Revenue- generating contracts			Client / vendor relationships			Trademarks and naming rights			Technology			Other (1)			Total
	(in thousands)
Balance as of December 31, 2015:
Gross carrying amount	$	700,795		$	379,282		$	86,556		$	30,265		$	246,003		$	1,442,901
Accumulated amortization	(313,743		)	(169,620		)	(14,578		)	(8,602		)	(158,595		)	(665,138		)
Net	387,052			209,662			71,978			21,663			87,408			777,763
Gross carrying amount:
Acquisitions—current year	136,029			42,861			5,100			24,804			11,411			220,205
Acquisitions—prior year	11,404			782			3,618			—			2,674			18,478
Dispositions	—			(2,299		)	—			—			(1,225		)	(3,524		)
Foreign exchange	(25,360		)	(4,528		)	(930		)	(1,364		)	(8,110		)	(40,292		)
Other (2)	(62,470		)	(14,089		)	(6		)	(627		)	(126,746		)	(203,938		)
Net change	59,603			22,727			7,782			22,813			(121,996		)	(9,071		)
Accumulated amortization:
Amortization	(76,484		)	(60,815		)	(9,623		)	(6,153		)	(25,055		)	(178,130		)
Dispositions	—			599			—			—			22			621
Foreign exchange	10,555			1,962			477			491			2,926			16,411
Other (2)	62,872			14,089			—			627			126,849			204,437
Net change	(3,057		)	(44,165		)	(9,146		)	(5,035		)	104,742			43,339
Balance as of December 31, 2016:
Gross carrying amount	760,398			402,009			94,338			53,078			124,007			1,433,830
Accumulated amortization	(316,800		)	(213,785		)	(23,724		)	(13,637		)	(53,853		)	(621,799		)
Net	443,598			188,224			70,614			39,441			70,154			812,031
Gross carrying amount:
Acquisitions—current year	19,095			22,635			—			12,707			6,620			61,057
Acquisitions—prior year	(6,724		)	—			35,464			1,120			—			29,860
Foreign exchange	23,308			10,457			1,429			2,278			4,857			42,329
Other (2)	(6,714		)	(93,652		)	(4,900		)	(5,517		)	(253		)	(111,036		)
Net change	28,965			(60,560		)	31,993			10,588			11,224			22,210
Accumulated amortization:
Amortization	(94,797		)	(61,550		)	(13,315		)	(13,869		)	(19,035		)	(202,566		)
Foreign exchange	(9,918		)	(4,460		)	(560		)	(764		)	(2,463		)	(18,165		)
Other (2)	11,504			93,438			4,918			5,525			370			115,755
Net change	(93,211		)	27,428			(8,957		)	(9,108		)	(21,128		)	(104,976		)
Balance as of December 31, 2017:
Gross carrying amount	789,363			341,449			126,331			63,666			135,231			1,456,040
Accumulated amortization	(410,011		)	(186,357		)	(32,681		)	(22,745		)	(74,981		)	(726,775		)
Net	$	379,352		$	155,092		$	93,650		$	40,921		$	60,250		$	729,265

^{___________________} 

⁽¹⁾ Other includes non-compete agreements of $31.6 million and $43.9 million at December 31, 2017 and 2016, respectively, and venue management and leaseholds of $27.2 million and $24.3 million at December 31, 2017 and 2016, respectively.

⁽²⁾ Other includes netdowns of fully amortized or impaired assets.

Included in the current year acquisitions amount above for 2017 are definite-lived intangible assets primarily associated with the acquisitions of an artist management business located in the United States, various concert promotion businesses located in the United States and Italy, a festival promotion business located in Switzerland and various ticketing businesses located in the United States and the Czech Republic.

Included in the prior year acquisitions amount above for 2017 are changes primarily associated with the acquisitions of festival promotion businesses located in the United States and Australia.

Included in the current year acquisitions amount above for 2016 are definitive-lived intangible assets primarily associated with the acquisitions of festival and concert promoters located in the United States, Australia, Sweden and the United Kingdom, an artist management business with locations in the United States and Canada, a digital content company located in the United States, and the remaining interest in a ticketing-related technology business that had previously been accounted for as a cost method investment.

Included in the prior year acquisitions amount above for 2016 are changes primarily associated with the acquisition of a festival promoter located in the United States.

The 2017 and 2016 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:

	Weighted- Average Life (years)
	2017	2016
Revenue-generating contracts	7	8
Client/vendor relationships	6	6
Trademarks and naming rights	—	10
Technology	3	5
Other	9	5
All categories	6	8

Amortization of definite-lived intangible assets for the years ended December 31, 2017, 2016 and 2015 was $202.6 million, $178.1 million and $174.0 million, respectively.

The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets that exist at December 31, 2017:

	(in thousands)
2018	$	179,251
2019	$	151,852
2020	$	118,439
2021	$	81,950
2022	$	63,920

As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary.

Indefinite-lived Intangibles

The Company has indefinite-lived intangible assets which consist of trade names. These indefinite-lived intangible assets had a carrying value of $369.0 million and $368.8 million as of December 31, 2017 and 2016, respectively.

Goodwill

In 2016, the Company’s reportable segments were Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. Beginning in 2017, the Company no longer presents Artist Nation as a reportable segment and now includes the business previously reported in the Artist Nation segment in the Concerts segment. See further discussion of the segment change in Note 12—Segment Data. The Company’s reporting units reviewed for impairment remain unchanged.

The Company currently has seven reporting units with goodwill balances: International Concerts, North America Concerts, Artist Management and Artist Services (non-management) within the Concerts segment; Sponsorship & Advertising; and International Ticketing and North America Ticketing within the Ticketing segment. The Company reviews goodwill for impairment annually, as of October 1, using a two-step process: a qualitative review and a quantitative analysis. In 2017, as part of the Company’s annual test for impairment of goodwill, five reporting units were assessed under the initial qualitative evaluation and did not require a quantitative analysis. These reporting units account for approximately 80% of the Company’s goodwill at December 31, 2017. Considerations included (a) considerable excess of fair values over carrying values in the most recent quantitative analysis performed, (b) improved discount rates, (c) varying results on market multiples and (d) improving financial results.

Finally, for two reporting units that account for approximately 20% of the Company’s goodwill at December 31, 2017, although discount rates remained consistent with prior year, the qualitative analysis was inconclusive due to declines in recent financial performance against prior expectations and varying results on market multiples. As such, quantitative analysis was performed for these reporting units.

The Company performed the quantitative analysis using a combination of a discounted cash flows methodology, which uses both market-based and internal assumptions, and a market multiple methodology, which uses primarily market-based assumptions.

Based upon the results of the annual test for 2017, the Company recorded an impairment charge of $20.0 million related to its Artist Services (non-management) reporting unit. See Note 5—Fair Value Measurements for discussion of the impairment calculation. There were no impairment charges recorded in 2016 or 2015.

The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments for the years ended December 31, 2017 and 2016:

	Concerts			Sponsorship &  Advertising			Ticketing			Total
	(in thousands)
Balance as of December 31, 2015:
Goodwill	$	943,272		$	332,081		$	733,825		$	2,009,178
Accumulated impairment losses	(404,863		)	—			—			(404,863		)
Net	538,409			332,081			733,825			1,604,315
Acquisitions—current year	123,952			45,376			8,671			177,999
Acquisitions—prior year	(18,457		)	18,302			(108		)	(263		)
Dispositions	(323		)	—			—			(323		)
Foreign exchange	(31,424		)	67			(3,283		)	(34,640		)
Balance as of December 31, 2016:
Goodwill	1,017,020			395,826			739,105			2,151,951
Accumulated impairment losses	(404,863		)	—			—			(404,863		)
Net	612,157			395,826			739,105			1,747,088
Acquisitions—current year	10,265			5,438			11,139			26,842
Acquisitions—prior year	(21,614		)	(9,822		)	882			(30,554		)
Impairment	(20,000		)	—			—			(20,000		)
Foreign exchange	10,242			10,311			10,660			31,213
Balance as of December 31, 2017:
Goodwill	1,015,913			401,753			761,786			2,179,452
Accumulated impairment losses	(424,863		)	—			—			(424,863		)
Net	$	591,050		$	401,753		$	761,786		$	1,754,589

Included in the current year acquisitions amount above for 2017 is goodwill associated with the acquisitions of various ticketing businesses located in the United States, an artist management business located in the United States, various concert promotion businesses located in Italy and the United States and a festival promotion business located in Switzerland.

Included in the prior year acquisitions amount above for 2017 are changes primarily associated with the acquisitions of festival promotion businesses located in the United States and Australia.

Included in the current year acquisitions amount above for 2016 is goodwill associated with the acquisitions of festival and concert promoters located in the United States, Australia and the United Kingdom, an artist management business with locations in the United States and Canada, and a digital content company located in the United States.

Included in the prior year acquisitions amount above for 2016 are changes primarily associated with the acquisitions of a festival promoter located in the United States and a venue management business in New Zealand.

The Company is in various stages of finalizing its acquisition accounting for recent acquisitions, which include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and its allocation between segments.

Investments in Nonconsolidated Affiliates

The Company has investments in various affiliates which are not consolidated and are accounted for under the equity method of accounting. The Company records its investments in these entities in the balance sheet as investments in nonconsolidated affiliates reported as part of other long-term assets. The Company’s interests in these operations are recorded in the statements of operations as equity in losses (earnings) of nonconsolidated affiliates. For the year ended December 31, 2017, the Company’s investment in Venta de Boletos por Computadora S.A. de C.V, a 33% owned ticketing distribution services company is considered significant on an individual basis and certain other investments are considered significant on an aggregate basis. Summarized balance sheet and income statement information for these entities is as follows (at 100%):

	December 31,
	2017		2016
	(in thousands)
Current assets	$	125,883	$	58,099
Noncurrent assets	$	117,890	$	14,854
Current liabilities	$	133,586	$	39,207
Noncurrent liabilities	$	15,531	$	—
Noncontrolling interests	$	476	$	355

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Revenue	$	83,363	$	57,620	$	59,770
Operating income	$	23,691	$	24,673	$	27,443
Net income	$	18,048	$	18,652	$	20,481
Net income attributable to the common stockholders of the equity investees	$	17,927	$	18,670	$	20,400

The company reviews its nonconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For the year ended December 31, 2016, the Company recorded impairment charges related to these investments of $16.5 million as equity in losses (earnings) of nonconsolidated affiliates, primarily related to investments in a digital content company and an online merchandise company that are located in the United States. See Note 5—Fair Value Measurements for further discussion of the inputs used to determine the fair values. There were no significant impairments of investments in nonconsolidated affiliates during 2017 and 2015.

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LONG-TERM DEBT

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT

Long-term debt, which includes capital leases, consisted of the following:

		December 31,
		2017			2016
		(in thousands)
Senior Secured Credit Facility:
	Term loan A	$	175,750		$	187,625
	Term loan B	962,849			972,563
4.875% Senior Notes due 2024		575,000			575,000
5.375% Senior Notes due 2022		250,000			250,000
2.5% Convertible Senior Notes due 2019		275,000			275,000
Other long-term debt		99,393			104,397
Total principal amount		2,337,992			2,364,585
Less unamortized discounts and debt issuance costs		(38,033		)	(51,532		)
Total long-term debt, net of unamortized discounts and debt issuance costs		2,299,959			2,313,053
Less: current portion		347,593			53,317
Total long-term debt, net		$	1,952,366		$	2,259,736

Future maturities of long-term debt at December 31, 2017 are as follows:

	(in thousands)
2018	$	353,738
2019	42,240
2020	71,621
2021	114,546
2022	260,013
Thereafter	1,495,834
Total	$	2,337,992

All long-term debt without a stated maturity date is considered current and is reflected as maturing in the earliest period shown in the table above. See Note 5—Fair Value Measurements for discussion of fair value measurement of the Company’s long-term debt.

Senior Secured Credit Facility

In June 2017, the Company amended its term loan B under the senior secured credit facility reducing the applicable interest rate. At December 31, 2017, the Company’s senior secured credit facility consists of (i) a $190 million term loan A facility, (ii) a $970 million term loan B facility and (iii) a $365 million revolving credit facility. Subject to certain conditions, the Company has the right to increase the facility by an amount equal to the sum of $625 million and the aggregate principal amount of voluntary prepayments of the term B loans and permanent reductions of the revolving credit facility commitment, in each case, other than from proceeds of long-term indebtedness, and additional amounts so long as the senior secured leverage ratio calculated on a pro-forma basis (as defined in the credit agreement) is no greater than 3.25x. The revolving credit facility provides for borrowings up to the amount of the facility with sublimits of up to (i) $150 million for the issuance of letters of credit, (ii) $50 million for swingline loans, (iii) $200 million for borrowings in Euros or British Pounds and (iv) $50 million for borrowings in one or more other approved currencies. The senior secured credit facility is secured by (i) a first priority lien on substantially all of the tangible and intangible personal property of the Company’s domestic subsidiaries that are guarantors and (ii) a pledge of substantially all of the shares of stock, partnership interests and limited liability company interests of the Company’s direct and indirect domestic subsidiaries and 65% of each class of capital stock of any first-tier foreign subsidiaries, subject to certain exceptions.

The interest rates per annum applicable to revolving credit facility loans and the term loan A under the senior secured credit facility are, at the Company’s option, equal to either LIBOR plus 2.25% or a base rate plus 1.25%, subject to stepdowns based on the Company’s net leverage ratio. The interest rates per annum applicable to the term loan B are, at the Company’s option, equal to either LIBOR plus 2.25% or a base rate plus 1.25%. The Company is required to pay a commitment fee of 0.5% per year on the undrawn portion available under the revolving credit facility, subject to a stepdown based on the Company’s net leverage ratio, and variable fees on outstanding letters of credit.

For the term loan A, the Company is required to make quarterly payments increasing over time from $4.8 million to $28.5 million, with the balance due at maturity in October 2021. For the term loan B, the Company is required to make quarterly payments of $2.4 million, with the balance due at maturity in October 2023. The revolving credit facility matures in October 2021. The Company is also required to make mandatory prepayments of the loans under the credit agreement, subject to specified exceptions, from excess cash flow and with the proceeds of asset sales, debt issuances and other specified events.

Based on the Company’s outstanding letters of credit of $83.8 million, $281.2 million was available for future borrowings under the revolving credit facility at December 31, 2017.

4.875% Senior Notes

At December 31, 2017, the Company had $575 million principal amount of 4.875% senior notes due 2024. Interest on the notes is payable semi-annually in cash in arrears on May 1 and November 1 of each year beginning on May 1, 2017, and the notes will mature on November 1, 2024. The Company may redeem some or all of the notes, at any time prior to November 1, 2019, at a price equal to 100% of the aggregate principal amount, plus any accrued and unpaid interest to the date of redemption, plus a ‘make-whole’ premium. The Company may redeem up to 35% of the aggregate principal amount of the notes from the proceeds of certain equity offerings prior to November 1, 2019, at a price equal to 104.875% of the aggregate principal amount, plus accrued and unpaid interest thereon, if any, to the date of redemption. In addition, on or after November 1, 2019, the Company may redeem some or all of the notes at any time at the redemption prices that start at 103.656% of their principal amount, plus any accrued and unpaid interest to the date of redemption. The Company must make an offer to redeem the notes at 101% of their aggregate principal amount, plus accrued and unpaid interest to the repurchase date, if it experiences certain defined changes of control.

5.375% Senior Notes

At December 31, 2017, the Company had $250 million principal amount of 5.375% senior notes due 2022 outstanding. Interest on the notes is payable semiannually in arrears on June 15 and December 15, and the notes will mature on June 15, 2022. The Company may redeem at its option some or all of the notes at redemption prices that start at 104.0313% of their principal amount, plus any accrued and unpaid interest to the date of redemption. The Company must make an offer to redeem the notes at 101% of the aggregate principal amount, plus any accrued and unpaid interest to the repurchase date, if it experiences certain defined changes of control.

2.5% Convertible Senior Notes

At December 31, 2017, the Company had $275 million principal amount of convertible senior notes due 2019 outstanding. The notes pay interest semiannually in arrears on May 15 and November 15 at a rate of 2.5% per annum. The notes will mature on May 15, 2019, and may not be redeemed by the Company prior to the maturity date. The notes will be convertible, under certain circumstances, until November 15, 2018, and on or after such date without condition, at an initial conversion rate of 28.8363 shares of the Company’s common stock per $1,000 principal amount of notes, subject to adjustment, which represents a 52.5% conversion premium based on the last reported sale price for the Company’s common stock of $22.74 on May 19, 2014. Upon conversion, the notes may be settled in shares of common stock or, at the Company’s election, cash or a combination of cash and shares of common stock. Assuming the Company fully settled the notes in shares, the maximum number of shares that could be issued to satisfy the conversion is currently 7.9 million.

If the Company experiences a fundamental change, as defined in the indenture governing the notes, the holders of the 2.5% convertible senior notes may require the Company to purchase for cash all or a portion of their notes, subject to specified exceptions, at a price equal to 100% of the principal amount of the notes plus accrued and unpaid interest, if any.

The carrying amount of the equity component of the notes is $22.0 million and the principal amount of the liability component (face value of the notes) is $275 million. As of December 31, 2017, the remaining period for the debt discount was approximately one year and the value of the notes, if converted and fully settled in shares, exceed the principal amount of the notes by $62.6 million. As of December 31, 2017 and 2016, the effective interest rate on the liability component of the notes was 5.0%.

The following table summarizes the amount of pre-tax interest cost recognized on the 2.5% convertible senior notes:

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Interest cost recognized relating to:
Contractual interest coupon	$	6,875	$	6,875	$	6,856
Amortization of debt discount	5,080		4,833		4,599
Amortization of debt issuance costs	1,358		1,358		1,355
Total interest cost recognized on the notes	$	13,313	$	13,066	$	12,810

Other Long-term Debt

As of December 31, 2017, other long-term debt includes capital leases of $14.2 million, debt to noncontrolling interest partners of $44.0 million and $17.8 million of a subsidiary’s term loan and revolving credit facility. Total notes payable consist primarily of 34 notes with a weighted average cost of debt of 4.3% and maturities of up to four years.

Debt Extinguishment

In October 2016, the Company issued $575 million principal amount of 4.875% senior notes due 2024 and amended its senior secured credit facility. The amendment to the senior secured credit facility provided the existing term loan A and term loan B lenders with an option to convert their outstanding principal amounts into the new term loans. Excluding the outstanding principal amounts for lenders who elected to convert their outstanding term loans, total proceeds of $858.5 million were used to repay $123.3 million outstanding principal amount of the Company’s borrowings under the senior secured credit facility, to repay the entire $425 million principal amount of the Company’s 7% senior notes due 2020 and to pay the related redemption premium of $14.9 million on the 7% senior notes and accrued interest and fees of $38.4 million, leaving $256.9 million in additional cash available for general corporate purposes. The Company recorded $14.0 million as a loss on extinguishment of debt related to this refinancing in 2016. There were no significant gains or losses on extinguishment of debt recorded in 2017 or 2015.

Debt Covenants

The Company’s senior secured credit facility contains a number of restrictions that, among other things, require the Company to satisfy a financial covenant and restrict the Company’s and its subsidiaries’ ability to incur additional debt, make certain investments and acquisitions, repurchase its stock and prepay certain indebtedness, create liens, enter into agreements with affiliates, modify the nature of its business, enter into sale-leaseback transactions, transfer and sell material assets, merge or consolidate, and pay dividends and make distributions (with the exception of subsidiary dividends or distributions to the parent company or other subsidiaries on at least a pro-rata basis with any noncontrolling interest partners). Non-compliance with one or more of the covenants and restrictions could result in the full or partial principal balance of the credit facility becoming immediately due and payable. The senior secured credit facility agreement has a covenant, measured quarterly, that relates to total leverage. The consolidated total leverage covenant requires the Company to maintain a ratio of consolidated total funded debt to consolidated EBITDA (both as defined in the credit agreement) of 5.25x over the trailing four consecutive quarters through September 30, 2018. The consolidated total leverage ratio will reduce to 5.0x on December 31, 2018, 4.75x on December 31, 2019 and 4.5x on December 31, 2020.

The indentures governing the 4.875% senior notes and the 5.375% senior notes contain covenants that limit, among other things, the Company’s ability and the ability of its restricted subsidiaries to incur certain additional indebtedness and issue preferred stock, make certain distributions, investments and other restricted payments, sell certain assets, agree to any restrictions on the ability of restricted subsidiaries to make payments to the Company, merge, consolidate or sell all of the Company’s assets, create certain liens, and engage in transactions with affiliates on terms that are not arms-length. Certain covenants, including those pertaining to incurrence of indebtedness, restricted payments, asset sales, mergers and transactions with affiliates will be suspended during any period in which the notes are rated investment grade by both rating agencies and no default or event of default under the indenture has occurred and is continuing. The 4.875% senior notes and the 5.375% senior notes contain two incurrence-based financial covenants, as defined, requiring a minimum fixed charge coverage ratio of 2.0x and a maximum secured indebtedness leverage ratio of 3.50x.

Some of the Company’s other subsidiary indebtedness includes restrictions on entering into various transactions, such as acquisitions and disposals, and prohibits payment of ordinary dividends. They also have financial covenants including minimum consolidated EBITDA to consolidated net interest payable, minimum consolidated cash flow to consolidated debt service and maximum consolidated debt to consolidated EBITDA, all as defined in the applicable debt agreements.

As of December 31, 2017, the Company believes it was in compliance with all of its debt covenants. The Company expects to remain in compliance with all of these covenants throughout 2018.

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DERIVATIVE INSTRUMENTS

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

The Company primarily uses forward currency contracts and options to reduce its exposure to foreign currency risk associated with short-term artist fee commitments. The Company may also enter into forward currency contracts to minimize the risks and/or costs associated with changes in foreign currency rates on forecasted operating income. At December 31, 2017 and 2016, the Company had forward currency contracts and options outstanding with notional amounts of $72.4 million and $173.8 million, respectively. These instruments have not been designated as hedging instruments and any change in fair value is reported in earnings during the period of the change. The Company’s foreign currency derivative activity, including the related fair values, are not material to any period presented.

The Company does not enter into derivative instruments for speculative or trading purposes and does not anticipate any significant recognition of derivative activity through the income statement in the future related to the instruments currently held. See Note 5—Fair Value Measurements for further discussion and disclosure of the fair values for the Company’s derivative instruments.

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FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Recurring

The Company currently has various financial instruments carried at fair value, such as marketable securities, derivatives and contingent consideration, but does not currently have nonfinancial assets and liabilities that are required to be measured at fair value on a recurring basis. The Company’s financial assets and liabilities are measured using inputs from all levels of the fair value hierarchy as defined in the FASB guidance for fair value. For this categorization, only inputs that are significant to the fair value are considered. The three levels are defined as follows:

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date.

Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (i.e., market corroborated inputs).

Level 3—Unobservable inputs that reflect assumptions about what market participants would use in pricing the asset or liability. These inputs would be based on the best information available, including the Company’s own data.

In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis, which are classified on the balance sheets as cash and cash equivalents, other current assets, other current liabilities and other long-term liabilities:

	Fair Value Measurements   at December 31, 2017								Fair Value Measurements   at December 31, 2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
			(in thousands)								(in thousands)
Assets:
Cash equivalents	$	58,063	$	—	$	—	$	58,063	$	55,081	$	—	$	—	$	55,081
Forward currency contracts	—		114		—		114		—		2,957		—		2,957
Total	$	58,063	$	114	$	—	$	58,177	$	55,081	$	2,957	$	—	$	58,038
Liabilities:
Forward currency contracts	—		1,276		—		1,276		—		363		—		363
Put option	—		—		5,768		5,768		—		—		5,147		5,147
Contingent consideration	—		—		70,039		70,039		—		—		44,195		44,195
Total	$	—	$	1,276	$	75,807	$	77,083	$	—	$	363	$	49,342	$	49,705

Cash equivalents consist of money market funds. Fair values for cash equivalents are based on quoted prices in an active market. Fair values for forward currency contracts are based on observable market transactions of spot and forward rates.

A third party has a put option to sell its noncontrolling interest in one of the Company’s subsidiaries to the Company and is carried at fair value using Level 3 inputs because the redemption date and redemption amount are not fixed. The put option is triggered by the occurrence of specific events, one of which is certain to occur, and requires the Company to buy the noncontrolling interest. The redemption amount for this put option is a variable amount based on a formula linked to historical earnings. The Company has recorded a current liability for this put option which is valued based on the historic results of that subsidiary. Changes in the fair value are recorded in selling, general and administrative expenses.

The Company has certain contingent consideration obligations related to acquisitions which are measured at fair value using Level 3 inputs. The amounts due to the sellers are based on the achievement of agreed-upon financial performance metrics by the acquired companies where the contingent obligation is either earned or not earned. The Company records the liability at the time of the acquisition based on the present value of management’s best estimates of the future results of the acquired companies compared to the agreed-upon metrics. Subsequent to the date of acquisition, the Company updates the original valuation to reflect current projections of future results of the acquired companies and the passage of time. Accretion of, and changes in the valuations of, contingent consideration are reported in selling, general and administrative expenses. See Note 6—Commitments and Contingent Liabilities for additional information related to the contingent payments.

Due to their short maturity, the carrying amounts of accounts receivable, accounts payable and accrued expenses approximated their fair values at December 31, 2017 and 2016.

The Company’s outstanding debt held by third-party financial institutions is carried at cost, adjusted for discounts or debt issuance costs. The Company’s debt is not publicly traded and the carrying amounts typically approximate fair value for debt that accrues interest at a variable rate, which are considered to be Level 2 inputs. The estimated fair values of the Company’s 5.375% senior notes, 4.875% senior notes and the 2.5% convertible senior notes were $259.2 million, $592.3 million and $310.6 million, respectively, at December 31, 2017. The estimated fair values of the 5.375% senior notes, 4.875% senior notes and the 2.5% convertible senior notes were $259.7 million, $578.5 million and $294.6 million, respectively, at December 31, 2016. The estimated fair value of the Company’s third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs. The Company has fixed-rate debt held by noncontrolling interest partners with a face value of $44.0 million and $35.7 million at December 31, 2017 and 2016, respectively. The Company is unable to determine a fair value for this debt.

Non-recurring

The following table shows the fair value of the Company’s financial assets that have been adjusted to fair value on a non-recurring basis which had a significant impact on the Company’s results of operations for the years ended December 31, 2017 and 2016:

	Fair Value		Fair Value Measurements Using						Loss
Description	Measurement		Level 1		Level 2		Level 3		(Gain)
	(in thousands)
2017
Goodwill	$	30,832	$	—	$	—	$	30,832	$	20,000
2016
Investment in nonconsolidated affiliates	$	—	$	—	$	—	$	—	$	16,455

During 2017, in conjunction with the Company’s annual impairment tests a goodwill impairment was recorded for the Artist Services (non-management) reporting unit in the Concerts segment in the amount of $20.0 million as a component of depreciation and amortization. The Company calculated these impairments using a combination of a discounted cash flow methodology, which uses both Level 2 and Level 3 inputs, and a market multiple methodology, which uses primarily Level 2 inputs. These key inputs include discount rates, market multiples, control premiums, revenue growth and estimates of future financial performance. See Note 1—The Company and Summary of Significant Accounting Policies and Note 2—Long-Lived Assets for further discussion of the Company’s methodology and this impairment.

As discussed in Note 2—Long-Lived Assets, during 2016, the Company believed certain of its investment balances were impaired based on financial information received regarding the bankruptcy or dissolution of two nonconsolidated affiliates, which are considered Level 3 inputs. There were no significant adjustments for the year ended December 31, 2017.

During 2015, the Company recorded gains related to investments in nonconsolidated affiliates of $9.1 million as a component of other expense (income), net. The gains were related to the acquisitions of a controlling interest in a festival promoter and an artist management business, and the remaining interest in a ticketing business, which were previously accounted for under the equity method. Prior to consolidation, the Company remeasured these investments to fair value using a discounted cash flow methodology. The key inputs in these fair value measurements include future cash flow projections, including revenue and profit margins, discount rates and attrition rates. The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs.

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COMMITMENTS AND CONTINGENT LIABILITIES

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

COMMITMENTS AND CONTINGENT LIABILITIES

The Company leases office space, certain equipment and many of its concert venues. Some of the lease agreements contain renewal options and annual rental escalation clauses (generally tied to the consumer price index), as well as provisions for the payment of utilities and maintenance by the Company. The Company also has non-cancelable contracts related to minimum performance payments with various artists, other event-related costs and nonrecoupable ticketing contract advances. In addition, the Company has commitments relating to additions to property, plant, and equipment under certain construction commitments for facilities and venues.

As of December 31, 2017, the Company’s future minimum rental commitments under non-cancelable operating lease agreements, minimum payments under non-cancelable contracts and capital expenditure commitments consist of the following:

	Non-cancelable Operating Leases		Non-cancelable Contracts		Capital Expenditures
	(in thousands)
2018	$	175,863	$	897,266	$	16,499
2019	170,751		235,324		3,889
2020	156,278		76,546		3,764
2021	126,317		39,076		4,181
2022	115,849		27,204		872
Thereafter	1,423,288		96,985		30,933
Total	$	2,168,346	$	1,372,401	$	60,138

Commitment amounts for non-cancelable operating leases and non-cancelable contracts which stipulate an increase in the commitment amount based on an inflationary index have been estimated using an inflation factor of 1.8% for North America, 2.9% for the United Kingdom, 1.7% for Denmark and 1.6% for the Netherlands.

Aggregate minimum rentals of $47.7 million to be paid to the Company in years 2018 through 2032 under non-cancelable subleases are excluded from the commitment amounts in the above table.

Total rent expense charged to operations for 2017, 2016 and 2015 was $220.1 million, $196.0 million and $159.5 million, respectively. In addition to the minimum rental commitments included in the table above, the Company has leases that contain contingent payment requirements for which payments vary depending on revenue, tickets sold or other variables. Contingent rent expense charged to operations for 2017, 2016 and 2015 was $48.3 million, $49.0 million and $43.7 million, respectively. The above table above does not include contingent rent or rent expense for events in third-party venues.

In connection with asset and business disposals, the Company generally provides indemnifications to the buyers including claims resulting from employment matters, commercial claims and governmental actions that may be taken against the assets or businesses sold. Settlement of these claims is subject to various statutory limitations that are dependent upon the nature of the claim.

Certain agreements relating to acquisitions provide for deferred purchase consideration payments at future dates. A liability is established at the time of the acquisition for these fixed payments. For obligations payable at a date greater than twelve months from the acquisition date, the Company applies a discount rate to calculate the present value of the obligations. As of December 31, 2017, the Company has accrued $109.6 million in other current liabilities and $6.1 million in other long-term liabilities and, as of December 31, 2016, the Company had accrued $18.1 million in other current liabilities and $7.2 million in other long-term liabilities, related to these deferred purchase consideration payments. The increase in other current liabilities during 2017 is primarily due to the timing of payment for the acquisition of the redeemable noncontrolling interest in a festival and concert promoter business located in the United States following the put redemption in December 2017.

The Company has contingent obligations related to acquisitions which are accounted for as business combinations. Contingent consideration associated with business combinations is recorded at fair value at the time of the acquisition and reflected at current fair value for each subsequent reporting period thereafter until settled. The Company records these fair value changes in its statements of operations as selling, general and administrative expenses. The contingent consideration is generally subject to payout following the achievement of future performance targets and a portion is expected to be payable in the next twelve months. As of December 31, 2017, the Company has accrued $34.2 million in other current liabilities and $35.8 million in other long-term liabilities and, as of December 31, 2016, the Company had accrued $5.2 million in other current liabilities and $39.0 million in other long-term liabilities, representing the fair value of these estimated payments. The last contingency period for which the Company has an outstanding contingent payment is for the period ending March 2026. See Note 5—Fair Value Measurements for further discussion related to the valuation of these contingent payments.

During 2006, in connection with the Company’s acquisition of a theatrical business, the Company guaranteed obligations related to a lease agreement. In the event of default, the Company could be liable for obligations through the end of 2035 which have future lease payments (undiscounted) of approximately $15.3 million as of December 31, 2017. The scheduled future minimum rentals for this lease for the years 2018 through 2022 are $1.6 million each year. The venues under the lease agreement were included in the sale of the Company’s North American theatrical business in 2008. The buyer has assumed the Company’s obligations under the guaranty, however, the Company remains contingently liable to the lessor. The Company believes that the likelihood of a material liability being triggered under this lease is remote, and no liability has been accrued for these contingent lease obligations as of December 31, 2017.

As of December 31, 2017 and 2016, the Company guaranteed the debt of third parties of approximately $18.3 million and $18.0 million, respectively, primarily related to maximum credit limits on employee and tour-related credit cards, obligations of a nonconsolidated affiliate and obligations under a venue management agreement.

Litigation

Songkick

In December 2015, a company referred to as Songkick filed an antitrust lawsuit against Live Nation and Ticketmaster L.L.C. in the United States District Court for the Central District of California. The suit alleged, among other complaints, that the defendants monopolized certain markets and engaged in certain exclusionary and anticompetitive conduct, ultimately causing harm to Songkick in a product market that it refers to as “artist presale ticketing services.” In the spring of 2016, Live Nation and Ticketmaster L.L.C. prevailed in a partial motion to dismiss, and shortly thereafter asserted counterclaims against Songkick, alleging that Songkick tortiously interfered with Ticketmaster’s venue contracts. In February 2017, Songkick filed an amended complaint, adding claims of trade secret misappropriation, statutory violations and related causes of action, arising from certain alleged conduct by a former Songkick employee who had gone to work for Ticketmaster.

In October 2017, the Court granted in part Live Nation’s motion to prevent Songkick’s damages expert from testifying, but declined to grant Live Nation’s motion for summary judgment. Following those rulings, Songkick was left with an antitrust claim (subject to treble damages) for lost profits and lost enterprise value, tort claims seeking the same, and a claim for unjust enrichment damages arising from alleged trade secret misappropriation. In January 2018, the Company and Songkick entered into a settlement agreement containing a mutual release of claims, thus resolving each party’s claims and counterclaims. Pursuant to the settlement agreement, in January 2018 the Company made a lump sum payment of $110.0 million, which has been accrued at December 31, 2017, and the parties jointly filed a stipulation of dismissal under which the parties dismissed with prejudice their respective claims and counterclaims. In a separate, concurrent transaction, the Company additionally purchased certain assets from Songkick, including its anti-scalping algorithm, API applications and patent portfolio.

Other Litigation

From time to time, the Company is involved in other legal proceedings arising in the ordinary course of its business, including proceedings and claims based upon purported violations of antitrust laws, intellectual property rights and tortious interference, which could cause the Company to incur significant expenses. The Company has also been the subject of personal injury and wrongful death claims relating to accidents at its venues in connection with its operations. As required, the Company has accrued its estimate of the probable settlement or other losses for the resolution of any outstanding claims. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, including, in some cases, estimated redemption rates for the settlement offered, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings.

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CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2017

Related Party Transactions [Abstract]

CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS

CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS

Transactions Involving Related Parties

The following table provides details of the total revenue earned and expenses incurred from all related-party transactions:

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Related-party revenue	$	135,996	$	123,521	$	109,720
Related-party expenses	$	14,176	$	8,996	$	8,668
Related-party acquisition related	$	—	$	2,145	$	—

The significant related-party transactions included in the table above are detailed below.

As of December 31, 2017 and 2016, the Company has payable balances of $23.1 million and $20.9 million, respectively, due to certain of the companies noted below.

Liberty Media

Two current members of our board of directors were originally nominated by Liberty Media pursuant to a stockholder agreement. These directors receive directors’ fees and stock-based awards on the same basis as other non-employee members of the Company’s board of directors.

The Company leases a venue from and provides ticketing services to a sports franchise owned by Liberty Media and pays royalty fees and non-recoupable ticketing contract advances to the sports franchise. The Company also receives transaction fees from the sports franchise for tickets the sports franchise sells using the Company’s ticketing software. From time to time, the Company purchases advertising from a satellite radio company that is a subsidiary of Liberty Media.

Legends

The Company’s Chief Executive Officer became a member of the board of directors of Legends Hospitality Holding Company, LLC (“Legends”) in February 2015. In 2017, the Company’s President assumed this role from the Chief Executive Officer. Legends provides concession services to certain of the Company’s owned or operated amphitheaters. The Company receives fees based on concession sales at each of the amphitheaters.

Senior Management

The Company conducts certain transactions in the ordinary course of business with companies that are owned, in part or in total, by certain members of senior management of the Company. These transactions primarily relate to ticketing services.

Transactions Involving Equity Method Investees

The Company conducts business with certain of its equity method investees in the ordinary course of business. Transactions primarily relate to venue rentals and ticketing services. Revenue of $2.8 million, $2.0 million and $2.0 million were earned in 2017, 2016 and 2015, respectively, and expenses of $1.8 million, $3.2 million and $1.5 million were incurred in 2017, 2016 and 2015, respectively, from these equity investees for services rendered or provided in relation to these business ventures.

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INCOME TAXES

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

Significant components of the provision for income tax expense (benefit) are as follows:

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Current:
Federal	$	(702	)	$	564		$	543
Foreign	50,970			29,902			23,811
State	4,117			5,454			7,379
Total current	54,385			35,920			31,733
Deferred:
Federal	(56,442		)	5,113			(355		)
Foreign	(15,841		)	(11,703		)	(8,278		)
State	744			(1,301		)	(978		)
Total deferred	(71,539		)	(7,891		)	(9,611		)
Income tax expense (benefit)	$	(17,154	)	$	28,029		$	22,122

The domestic income (loss) before income taxes was $(132.6) million, $1.1 millionand$(21.4) millionfor2017, 2016and2015, respectively. Foreign income before income taxes was $123.2 million, $47.2 million and $27.8 million for 2017, 2016 and 2015, respectively.

Significant components of the Company’s deferred tax liabilities and assets are as follows:

	December 31,
	2017			2016
	(in thousands)
Deferred tax liabilities:
Intangible assets	$	132,041		$	189,131
Prepaid expenses	7,882			8,770
Long-term debt	1,229			3,835
Other	7,533			6,077
Total deferred tax liabilities	148,685			207,813
Deferred tax assets:
Accrued expenses	68,168			45,839
Net operating loss carryforwards	466,023			563,461
Foreign tax and other credit carryforwards	62,136			59,977
Equity compensation	20,549			32,452
Other	2,725			—
Total gross deferred tax assets	619,601			701,729
Valuation allowance	596,437			681,566
Total deferred tax assets	23,164			20,163
Net deferred tax liabilities	$	(125,521	)	$	(187,650	)

Each reporting period, the Company evaluates the realizability of all of its deferred tax assets in each tax jurisdiction. As of December 31, 2017, the Company continued to maintain a full valuation allowance against its net deferred tax assets in certain jurisdictions due to sustained pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for losses incurred in those tax jurisdictions in 2017, 2016 and 2015. The reduction in individual deferred tax liabilities and deferred tax assets in 2017 is primarily a result of revaluation of the federal deferred tax balances due to United States tax reform. The valuation allowance balance reduction in 2017 is primarily a result of the reduction in the net United States deferred tax assets revalued using the newly enacted federal tax rate of 21%.

During 2017 and 2016, the Company recorded net deferred tax liabilities of $9.0 million and $15.9 million, respectively, due principally to differences in financial reporting and tax bases in assets acquired in business combinations.

As of December 31, 2017, the Company has United States federal, state and foreign deferred tax assets related to net operating loss carryforwards of $123.1 million, $63.5 million and $279.4 million, respectively. Based on current statutory carryforward periods, these losses will expire on various dates beginning in 2025. The Company’s federal net operating loss is subject to statutory limitations on the amount that can be used in any given year.

The reconciliation of income tax computed at the United States federal statutory rates to income tax expense (benefit) is:

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Income tax expense (benefit) at United States statutory rates	$	(3,283	)	$	16,914		$	2,223
State income taxes, net of federal tax benefits	1,544			3,264			3,959
Differences between foreign and United States statutory rates	(10,887		)	(11,116		)	(5,356		)
United States tax reform rate change	(55,685		)	—			—
Non-United States income inclusions and exclusions	3,826			(2,749		)	655
United States income inclusions and exclusions	11,347			(1,317		)	2,095
Nondeductible items	11,380			3,210			4,736
Tax contingencies	1,955			2,390			2,063
Tax expense from acquired goodwill	4,489			5,936			4,483
Change in valuation allowance	18,067			11,820			7,116
Other, net	93			(323		)	148
	$	(17,154	)	$	28,029		$	22,122

Income tax expense is principally attributable to the Company’s earnings in foreign tax jurisdictions along with state income taxes.

Amounts included in differences between foreign and United States statutory rates are impacted by changes in the mix of international earnings subject to various tax rates which can differ greatly in their proximity to the United States statutory rate. In 2015, there was an increase in taxable foreign earnings in jurisdictions whose statutory rates are closer to the United States statutory rate which reduced the amount of this difference as compared to other years. The differences between statutory rates is also impacted by the Company’s Luxembourg affiliates and tax rulings which include the application of a reduced Luxembourg effective rate to the net income before tax resulting from the Company’s financing activities in Luxembourg.

On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was enacted, which amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. For businesses, the TCJA reduces the corporate federal tax rate from a maximum of 35% to a flat 21% rate. The rate reduction will take effect on January 1, 2018. The TCJA will cause the Company’s United States deferred tax assets and liabilities to be revalued. Deferred income taxes result from temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. The provisional amount recorded to revalue our United States net deferred tax liability balance was a $55.7 million income tax benefit in the Company’s consolidated statement of operations for the year ended December 31, 2017.

The change in the United States income exclusions and inclusions increased due to the one-time transition tax liability under the TCJA. The international provisions of the TCJA, which generally establish a territorial-style system for taxing foreign-sourced income of domestic multinational corporations, includes the requirement that companies pay a one-time transition tax on earnings of certain foreign-sourced subsidiaries that were previously tax-deferred and creates new taxes on certain foreign-sourced earnings. The Company recorded an estimated amount for the one-time transition liability for its foreign subsidiaries of approximately $25.8 million, which does not impact income tax expense for 2017 since the Company has reflected the transition tax liability as a reduction to existing fully-valued tax attribute carryforwards. Additional work is necessary for a more detailed analysis of the Company’s deferred tax assets and liabilities and its historical foreign earnings as well as potential correlative adjustments. Any subsequent adjustment to the amount will be recorded in the quarter of 2018 when the analysis is complete, but is not anticipated to impact tax expense due to the existence of the aforementioned fully-valued tax attribute carryforwards. The transition tax inclusion was partially offset by an exclusion pertaining to tax deductions the Company receives for the vesting of restricted shares and non-qualified stock options.

Nondeductible items in 2017 include the Company’s goodwill impairment for Artist Services, which was not deductible for income tax purposes. There were no impairments of goodwill in 2016 or 2015.

The change in the valuation allowance in 2017 and 2016 resulted primarily from changes in the income within jurisdictions with full valuation allowances, including the United States.

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Balance at January 1	$	15,117		$	14,022		$	12,619
Additions:
Increase for current year positions	807			—			1,606
Increase for prior year positions	15,498			1,978			274
Decrease for prior year positions	—			(3		)	—
Interest and penalties for prior years	2,745			546			525
Reductions:
Expiration of applicable statute of limitations	(1,233		)	—			—
Settlements for prior year positions	(2,033		)	(1,188		)	(852		)
Foreign exchange	(271		)	(238		)	(150		)
Balance at December 31	$	30,630		$	15,117		$	14,022

If the Company were to prevail on all uncertain tax positions, the net effect would be a decrease to its income tax provision of approximately $16.8 million. The remaining $13.8 million is offset by deferred tax assets that represent tax benefits that would be received in the event that the Company did not prevail on all uncertain tax positions. It is not expected that the total amounts of unrecognized tax benefits will increase or decrease materially within the next year.

The Company regularly assesses the likelihood of additional assessments in each taxing jurisdiction resulting from current and subsequent years’ examinations. Liabilities for income taxes are established for future income tax assessments when it is probable there will be future assessments and the amount can be reasonably estimated. Once established, liabilities for uncertain tax positions are adjusted only when there is more information available or when an event occurs necessitating a change to the liabilities. The Company believes that the resolution of income tax matters for open years will not have a material effect on its consolidated financial statements although the resolution of income tax matters could impact the Company’s effective tax rate for a particular future period.

The tax years 2009 through 2017 remain open to examination by the primary tax jurisdictions to which the company is subject.

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EQUITY

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

EQUITY

EQUITY

Dividends

The Company currently intends to retain future earnings, if any, to finance the expansion of its business. Therefore, it does not expect to pay any cash dividends in the foreseeable future. Moreover, the terms of the Company’s senior secured credit facility limit the amount of funds that the Company will have available to declare and distribute as dividends on its common stock. Payment of future cash dividends, if any, will be at the discretion of the Company’s board of directors in accordance with applicable laws after taking into account various factors, including the financial condition, operating results, current and anticipated cash needs, plans for expansion and contractual restrictions with respect to the payment of dividends.

Common Stock

Issued shares of common stock reported on the balance sheets include 1.6 million and 1.1 million, at December 31,2017 and 2016, respectively, of unvested restricted stock awards that have not been included in the common shares issued reported on the statements of changes in equity. These shares will be reflected in the statements of changes in equity at the time of vesting.

During 2017, 2016 and 2015, the Company issued 3.5 million, 1.4 million and 1.6 million shares, respectively, of common stock in connection with stock option exercises and vesting of restricted stock awards.

Common Stock Reserved for Future Issuance

Common stock of approximately 25.8 million shares as of December 31, 2017 is reserved for future issuances under the stock incentive plan (including 14.2 million options, 1.6 million restricted stock awards and 2.5 million of deferred stock awards currently granted).

Noncontrolling Interests

Common securities held by the noncontrolling interests that do not include put arrangements exercisable outside of the control of the Company are recorded in equity, separate from the Company’s stockholders’ equity.

The purchase or sale of additional ownership in an already controlled subsidiary is recorded as an equity transaction with no gain or loss recognized in net income (loss) or comprehensive income (loss) as long as the subsidiary remains a controlled subsidiary. In 2017, the Company acquired all or additional equity interests in several companies that did not have a significant impact to equity either on an individual basis or in the aggregate. In 2016, the Company acquired all or additional equity interests in two artist management businesses located in the United States along with other smaller companies. In 2015, a subsidiary of the Company exchanged its equity interest in a ticketing business for a noncontrolling interest in the Company’s subsidiary that acquired the remaining equity interest of that ticketing business. In addition, the Company acquired the remaining equity interest in an artist management business in the United Kingdom. The following schedule reflects the change in ownership interests for these transactions:

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Net income (loss) attributable to common stockholders of Live Nation	$	(6,015	)	$	2,942		$	(32,508	)
Transfers of noncontrolling interest:
Changes in Live Nation’s additional paid-in capital for purchases of noncontrolling interests, net of transaction costs	(3,616		)	(49,111		)	(6,555		)
Changes in Live Nation’s additional paid-in capital for sales of noncontrolling interests, net of transaction costs	—			1,424			11,899
Net transfers of noncontrolling interest	(3,616		)	(47,687		)	5,344
Change from net income (loss) attributable to common stockholders of Live Nation and net transfers of noncontrolling interests	$	(9,631	)	$	(44,745	)	$	(27,164	)

Redeemable Noncontrolling Interests

The Company is subject to put arrangements where the holders of the noncontrolling interests can require the Company to repurchase their shares at specified dates in the future or within specified periods in the future. Certain of these puts can be exercised earlier upon the occurrence of triggering events as specified in the agreements. The redemption amounts for these puts are either at a fixed amount, at fair value at the time of exercise or a variable amount based on a formula linked to earnings. In accordance with the FASB guidance for business combinations, the redeemable noncontrolling interests are recorded at their fair value at acquisition date. For put arrangements that are not currently redeemable, the Company accretes up to the estimated redemption value over the period from the date of issuance to the earliest redemption date of the individual puts, with the offset recorded to additional paid-in capital. Decreases in accretion are only recognized to the extent that increases had been previously recognized. The estimated redemption values that are based on a formula linked to future earnings are computed using projected cash flows each reporting period which take into account the current expectations regarding profitability and the timing of revenue-generating events. The balances are reflected in the Company’s balance sheets as redeemable noncontrolling interests outside of permanent equity. The decrease during the current year is primarily due to the acquisition of the remaining interest in a festival and concert promoter business located in the United States upon the exercise of the related put in December 2017.

The Company’s estimate of redemption amounts for puts that are redeemable at fixed or determinable prices on fixed or determinable dates for the years ended December 31, 2018, 2019, 2020, 2021 and 2022 are $1.5 million, $101.6 million, $87.6 million, $61.7 million and $25.6 million, respectively. The estimate for 2018 has decreased primarily due to the December 2017 put redemption noted above that was originally estimated to likely occur later in the redemption period.

Accumulated Other Comprehensive Income (Loss)

The following table presents changes in the components of AOCI, net of taxes, for the years ended December 31, 2017, 2016 and 2015:

	Foreign Currency Items			Other			Total
	(in thousands)
Balance at December 31, 2014	$	(69,404	)	$	(606	)	$	(70,010	)
Other comprehensive income (loss) before reclassifications	(41,895		)	223			(41,672		)
Amount reclassified from AOCI	—			25			25
Net other comprehensive income (loss)	(41,895		)	248			(41,647		)
Balance at December 31, 2015	(111,299		)	(358		)	(111,657		)
Other comprehensive loss before reclassifications	(64,947		)	(103		)	(65,050		)
Amount reclassified from AOCI	—			—			—
Net other comprehensive loss	(64,947		)	(103		)	(65,050		)
Balance at December 31, 2016	(176,246		)	(461		)	(176,707		)
Other comprehensive income before reclassifications	67,704			—			67,704
Amount reclassified from AOCI	—			461			461
Net other comprehensive income	67,704			461			68,165
Balance at December 31, 2017	$	(108,542	)	$	—		$	(108,542	)

The realized loss in other reclassified from AOCI during 2017 resulted from the termination of a pension plan. The realized loss in other reclassified from AOCI during 2015 consists of one interest rate swap agreement that expired on June 30, 2015.

Earnings per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share adjusts basic net income per common share for the effects of stock options, restricted stock and other potentially dilutive financial instruments only in the periods in which such effect is dilutive. The Company’s convertible senior notes are considered in the calculation of diluted net income per common share, if dilutive.

The calculation of diluted net income per common share includes the effects of the assumed exercise of any outstanding stock options, the assumed vesting of shares of restricted stock awards and the assumed conversion of the convertible senior notes where dilutive. For the years ended December 31, 2017, 2016 and 2015 there were no reconciling items to the weighted average common shares outstanding in the calculation of diluted net income per common share. The following table shows securities excluded from the calculation of diluted net income per common share because such securities were anti-dilutive:

	Year Ended December 31,
	2017	2016	2015
Options to purchase shares of common stock	14,238,589	16,283,434	16,308,739
Restricted and deferred stock awards—unvested	4,106,956	1,079,783	860,646
Conversion shares related to convertible senior notes	7,929,982	7,929,982	7,929,982
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	26,275,527	25,293,199	25,099,367

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STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

In December 2005, the Company adopted its 2005 Stock Incentive Plan, which has been amended and/or restated on several occasions. In connection with the Company’s merger with Ticketmaster Entertainment LLC, the Company adopted the Amended and Restated Ticketmaster 2008 Stock & Annual Incentive Plan. The plans authorize the Company to grant stock option awards, director shares, stock appreciation rights, restricted stock and deferred stock awards, other equity-based awards and performance awards. The Company has granted restricted stock awards, options to purchase its common stock and deferred stock awards to employees, directors and consultants of the Company and its affiliates under the stock incentive plans at no less than the fair market value of the underlying stock on the date of grant. The stock incentive plans contain anti-dilutive provisions that require the adjustment of the number of shares of the Company’s common stock represented by, and the exercise price of, each option for any stock splits or stock dividends.

The following is a summary of stock-based compensation expense recorded by the Company during the respective periods:

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Selling, general and administrative expenses	$	24,364	$	15,687	$	16,380
Corporate expenses	18,391		17,036		16,981
Total	$	42,755	$	32,723	$	33,361

The increase in stock-based compensation expense for the year ended December 31, 2017 as compared to the prior year is due primarily to other equity awards granted to employees during 2017 that vested immediately. During 2017, the Company recorded stock-based compensation expense for these other awards of $10.0 million as a component of selling, general and administrative expenses.

As of December 31, 2017, there was $116.2 million of total unrecognized compensation cost related to stock-based compensation arrangements for stock options, restricted stock and deferred stock awards. This cost is expected to be recognized over a weighted-average period of 4.1 years.

Stock Options

Stock options are granted for a term not exceeding ten years and the nonvested options are generally forfeited in the event the employee, director or consultant terminates his or her employment or relationship with the Company or one of its affiliates. Any options that have vested at the time of termination are forfeited to the extent they are not exercised within the applicable post-employment exercise period provided in their option agreements. These options vest over two to five years.

The following assumptions were used to calculate the fair value of the Company’s options on the date of grant:

	Year Ended December 31,
	2017		2016		2015
Risk-free interest rate	1.87% - 2.27%		1.24% - 1.49%		1.47% - 1.75%
Dividend yield	0.0	%	0.0	%	0.0	%
Volatility factors	25.88% - 27.58%		29.42% - 36.11%		34.18% - 43.36%
Weighted average expected life (in years)	5.78		5.76		5.94

The following table presents a summary of the Company’s stock options outstanding at the dates given, and stock option activity for the period between such dates (“Price” reflects the weighted average exercise price per share):

	Year Ended December 31,
	2017				2016				2015
	Options		Price		Options		Price		Options		Price
	(in thousands, except per share data)
Outstanding January 1	16,283		$	13.55	16,309		$	13.54	16,999		$	13.78
Granted	1,164		33.48		1,103		19.53		1,667		25.32
Exercised	(3,138	)	16.27		(1,063	)	19.10		(1,098	)	14.50
Forfeited or expired	(70	)	24.05		(66	)	22.39		(1,259	)	31.58
Outstanding December 31	14,239		$	14.52	16,283		$	13.55	16,309		$	13.54
Exercisable December 31	11,906		$	12.00	12,628		$	12.01	11,177		$	11.54
Weighted average fair value per option granted			$	10.18			$	6.98			$	9.93

The total intrinsic value of stock options exercised during the years ended December 31, 2017, 2016 and 2015 was $57.5 million, $8.5 million and $14.1 million, respectively. Cash received from stock option exercises for the years ended December 31, 2017, 2016 and 2015 was $51.1 million, $20.3 million and $16.3 million, respectively.

There were 7.4 million shares available for future grants under the stock incentive plans at December 31, 2017. Upon share option exercise or vesting of restricted or deferred stock, the Company issues new shares or treasury shares to fulfill these grants. Vesting dates on the stock options range from January 2018 to December 2021, and expiration dates range from January 2018 to December 2027 at exercise prices and average contractual lives as follows:

Range of Exercise Prices	Outstanding as of 12/31/17	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Exercisable as of 12/31/17	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
	(in thousands)	(in years)			(in thousands)	(in years)
$2.75 - $4.99	1,713	1.2	$	2.82	1,713	1.2	$	2.82
$5.00 - $9.99	4,455	4.8	$	8.81	4,455	4.8	$	8.81
$10.00 - $14.99	2,540	3.3	$	11.34	2,540	3.3	$	11.34
$15.00 - $19.99	1,269	7.0	$	19.04	745	6.2	$	18.82
$20.00 - $24.99	1,842	6.2	$	21.15	1,467	6.1	$	21.15
$25.00 - $29.99	2,061	7.9	$	26.77	986	7.1	$	25.35
$30.00 - $44.99	359	9.9	$	43.50	—	0.0	$	—

The total intrinsic value of options outstanding and options exercisable as of December 31, 2017 was $606.1 million and $506.8 million, respectively.

Restricted Stock

The Company has granted restricted stock awards to its employees, directors and consultants under its stock incentive plans. These common shares carry a legend which restricts their transferability for a term of one to five years and are forfeited in the event the recipient’s employment or relationship with the Company is terminated prior to the lapse of the restriction. In addition, certain restricted stock awards require the Company or the recipient to achieve minimum performance targets in order for these awards to vest.

In 2017, the Company granted 0.9 million shares of restricted stock and 0.2 million shares of performance-based awards, respectively, under the Company’s stock incentive plans. These awards will all vest over one or four years with the exception of the performance-based awards which will vest within one to two years if the performance criteria are met.

In 2016, the Company granted 0.4 million shares of restricted stock and 0.4 million shares of performance-based awards, respectively, under the Company’s stock incentive plans. These awards will vest over one or four years with the exception of the performance-based awards which will generally vest within two years if the performance criteria are met. As of December 31, 2017, the performance-based criteria for these awards have been met unless otherwise forfeited.

In 2015, the Company granted 0.3 million shares of restricted stock and 0.2 million shares of performance-based awards, respectively, under the Company’s stock incentive plans. These awards will generally vest over one or four years with the exception of the performance-based awards which will generally vest within two years if the performance criteria are met. As of December 31, 2017, the performance-based criteria for these awards have been met unless otherwise forfeited.

The following table presents a summary of the Company’s unvested restricted stock awards outstanding at December 31, 2017, 2016 and 2015 (“Price” reflects the weighted average share price at the date of grant):

	Restricted Stock
	Awards		Price
	(in thousands, except per share data)
Unvested at December 31, 2014	1,171		$	16.18
Granted	456		26.11
Forfeited	(6	)	10.02
Vested	(760	)	14.74
Unvested at December 31, 2015	861		$	22.67
Granted	751		20.65
Forfeited	(50	)	21.63
Vested	(482	)	21.73
Unvested at December 31, 2016	1,080		$	21.67
Granted	1,132		35.97
Forfeited	(82	)	22.96
Vested	(523	)	21.89
Unvested at December 31, 2017	1,607		$	31.79

The total grant date fair market value of the shares issued upon the vesting of restricted stock awards during the years ended December 31, 2017, 2016 and 2015 was $11.5 million, $10.5 million and $11.2 million, respectively. As of December 31, 2017, there were 0.2 million restricted stock awards outstanding which require the Company or the recipient to achieve minimum performance targets in order for the awards to vest.

Deferred Stock

The Company has granted deferred stock awards to its employees where the employees are entitled to receive shares of common stock in the future. Deferred stock can only be settled in stock as determined at the time of the grant. All of the deferred stock awards require the Company to achieve minimum market conditions in order for these awards to issue and vest.

In 2017, the Company granted 2.5 million shares of deferred stock awards with market conditions under the Company’s stock incentive plans. These awards will all vest over five years if specified stock prices are achieved over a specific number of days during the five years.

The following table presents a summary of the Company’s unvested deferred stock awards outstanding at December 31, 2017 and 2016 (“Price” reflects the weighted average share price at the date of grant):

	Deferred Stock
	Awards	Price
	(in thousands, except per share data)
Unvested at December 31, 2016	—	$	—
Granted	2,500	26.69
Forfeited	—	—
Vested	—	—
Unvested at December 31, 2017	2,500	$	26.69

As of December 31, 2017, there were 2.5 million deferred stock awards outstanding which require the Company to achieve minimum market conditions in order for the awards to issue and vest.

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OTHER INFORMATION

12 Months Ended

Dec. 31, 2017

Balance Sheet Related Disclosures [Abstract]

OTHER INFORMATION

OTHER INFORMATION

	December 31,
	2017		2016
	(in thousands)
The following details the components of “Other current assets”:
Cash held in escrow	$	6,628	$	2,983
Inventory	17,467		15,114
Other	31,308		31,677
Total other current assets	$	55,403	$	49,774
The following details the components of “Other long-term assets”:
Long-term advances	$	359,528	$	208,977
Investments in nonconsolidated affiliates	105,271		82,032
Other	147,909		120,285
Total other long-term assets	$	612,708	$	411,294
The following details the components of “Accrued expenses”:
Accrued compensation and benefits	$	233,459	$	192,167
Accrued event expenses	247,380		192,599
Accrued insurance	97,606		65,941
Accrued legal	129,882		22,904
Collections on behalf of others	48,099		31,233
Other	352,820		276,650
Total accrued expenses	$	1,109,246	$	781,494
The following details the components of “Other current liabilities”:
Contingent and deferred purchase consideration	$	143,809	$	23,301
Other	16,829		15,754
Total other current liabilities	$	160,638	$	39,055
The following details the components of “Other long-term liabilities”:
Deferred revenue	9,569		5,506
Contingent and deferred purchase consideration	41,946		46,228
Other	122,876		98,057
Total other long-term liabilities	$	174,391	$	149,791

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SEGMENT DATA

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

SEGMENT DATA

SEGMENT DATA

For all periods presented, the Company’s reportable segments are Concerts, Sponsorship & Advertising and Ticketing. Prior to 2017, the Company reported an Artist Nation segment, which is now included in its Concerts segment based on the Company’s belief that the strategy behind artist management is to provide a full range of services related to concert promotion and to expand the Concerts line of business. In connection with this, there has been a change in the way the chief operating decision maker, as defined in the FASB guidance, makes decisions around allocations of resources and management responsibilities for this business.

The Concerts segment involves the promotion of live music events globally in the Company’s owned or operated venues and in rented third-party venues, the production of music festivals, the operation and management of music venues, the creation of associated content and the provision of management and other services to artist. The Sponsorship & Advertising segment manages the development of strategic sponsorship programs in addition to the sale of international, national and local sponsorships and placement of advertising such as signage, promotional programs, rich media offerings, including advertising associated with live streaming and music-related content, and ads across the Company’s distribution network of venues, events and websites. The Ticketing segment involves the management of the Company’s global ticketing operations, including providing ticketing software and services to clients, ticket resale services and online access for customers relating to ticket and event information, and is responsible for the Company’s primary ticketing website, www.ticketmaster.com.

Revenue and expenses earned and charged between segments are eliminated in consolidation. The Company’s capital expenditures below include accruals for amounts incurred but not yet paid for, but are not reduced by reimbursements received from outside parties such as landlords or replacements funded by insurance proceeds.

The Company manages its working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, the Company’s management to allocate resources to or assess performance of the segments, and therefore, total segment assets have not been presented.

There were no customers that individually accounted for more than 10% of the Company’s consolidated revenue in any year.

The following table presents the results of operations for the Company’s reportable segments for the years ending December 31, 2017, 2016 and 2015:

	Concerts			Sponsorship & Advertising		Ticketing		Other			Corporate			Eliminations			Consolidated
	(in thousands)
2017
Revenue	$	7,892,076		$	445,148	$	2,143,800	$	21,012		$	—		$	(164,588	)	$	10,337,448
Direct operating expenses	6,641,071			78,725		1,170,121		18,746			—			(159,872		)	7,748,791
Selling, general and administrative expenses	1,119,335			87,268		681,948		19,172			—			—			1,907,723
Depreciation and amortization	226,315			27,669		200,777		432			5,057			(4,716		)	455,534
Loss (gain) on disposal of operating assets	(1,056		)	—		49		—			38			—			(969		)
Corporate expenses	—			—		—		—			134,972			—			134,972
Operating income (loss)	$	(93,589	)	$	251,486	$	90,905	$	(17,338	)	$	(140,067	)	$	—		$	91,397
Intersegment revenue	$	148,125		$	—	$	16,463	$	—		$	—		$	(164,588	)	$	—
Capital expenditures	$	109,801		$	6,701	$	105,317	$	149		$	25,926		$	—		$	247,894
2016
Revenue	$	6,283,521		$	377,618	$	1,827,930	$	7,978		$	—		$	(142,113	)	$	8,354,934
Direct operating expenses	5,202,097			60,218		956,956		2,902			—			(139,465		)	6,082,708

	Concerts			Sponsorship & Advertising		Ticketing		Other			Corporate			Eliminations			Consolidated
	(in thousands)
Selling, general and administrative expenses	950,060			71,089		510,490		16,811			—			—			1,548,450
Depreciation and amortization	194,715			18,206		185,925		2,940			4,433			(2,568		)	403,651
Loss (gain) on disposal of operating assets	(61		)	—		68		—			117			—			124
Corporate expenses	—			—		—		—			125,141			(80		)	125,061
Operating income (loss)	$	(63,290	)	$	228,105	$	174,491	$	(14,675	)	$	(129,691	)	$	—		$	194,940
Intersegment revenue	$	133,505		$	—	$	8,528	$	80		$	—		$	(142,113	)	$	—
Capital expenditures	$	87,306		$	2,161	$	91,285	$	1,028		$	7,824		$	—		$	189,604
2015
Revenue	$	5,382,965		$	333,726	$	1,639,564	$	3,176		$	—		$	(113,700	)	$	7,245,731
Direct operating expenses	4,450,517			47,760		808,697		1,068			—			(111,569		)	5,196,473
Selling, general and administrative expenses	863,516			57,681		488,483		2,175			—			—			1,411,855
Depreciation and amortization	201,775			9,932		184,129		46			3,490			(2,131		)	397,241
Loss on disposal of operating assets	645			—		26		—			174			—			845
Corporate expenses	—			—		—		—			107,945			—			107,945
Operating income (loss)	$	(133,488	)	$	218,353	$	158,229	$	(113	)	$	(111,609	)	$	—		$	131,372
Intersegment revenue	$	104,571		$	—	$	9,129	$	—		$	—		$	(113,700	)	$	—
Capital expenditures	$	41,977		$	4,836	$	93,323	$	—		$	5,011		$	—		$	145,147

The following table provides revenue and long-lived assets for the Company’s foreign operations included in the consolidated financial statements:

	United Kingdom Operations		Other Foreign Operations		Total Foreign Operations		Total Domestic Operations		Consolidated Total
	(in thousands)
2017
Revenue	$	785,174	$	2,779,324	$	3,564,498	$	6,772,950	$	10,337,448
Long-lived assets	$	74,551	$	127,173	$	201,724	$	684,212	$	885,936
2016
Revenue	$	683,464	$	1,882,583	$	2,566,047	$	5,788,887	$	8,354,934
Long-lived assets	$	69,380	$	104,780	$	174,160	$	577,376	$	751,536
2015
Revenue	$	672,826	$	1,534,629	$	2,207,455	$	5,038,276	$	7,245,731
Long-lived assets	$	74,517	$	126,194	$	200,711	$	530,571	$	731,282

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QUARTERLY RESULTS OF OPERATIONS (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY RESULTS OF OPERATIONS (Unaudited)

QUARTERLY RESULTS OF OPERATIONS (Unaudited)

	March 31,						June 30,				September 30,				December 31,
	2017			2016			2017		2016		2017		2016		2017			2016
	(in thousands)
Revenue	$	1,413,181		$	1,207,716		$	2,818,693	$	2,179,258	$	3,559,418	$	3,170,416	$	2,546,156		$	1,797,544
Operating income (loss)	$	(21,366	)	$	(33,290	)	$	113,433	$	74,159	$	201,347	$	191,286	$	(202,017	)	$	(37,215	)
Net income (loss)	$	(47,770	)	$	(55,954	)	$	80,555	$	36,461	$	148,770	$	132,761	$	(173,781	)	$	(92,971	)
Net income (loss) attributable to common stockholders of Live Nation	$	(32,993	)	$	(44,518	)	$	81,478	$	37,741	$	136,393	$	111,079	$	(190,893	)	$	(101,360	)
Basic net income (loss) per common share available to common stockholders of Live Nation	$	(0.22	)	$	(0.29	)	$	0.31	$	0.13	$	0.56	$	0.51	$	(1.12	)	$	(0.58	)
Diluted net income (loss) per common share available to common stockholders of Live Nation	$	(0.22	)	$	(0.29	)	$	0.29	$	0.13	$	0.53	$	0.49	$	(1.12	)	$	(0.58	)

The following summarizes unusual or infrequent items effecting the quarterly results of operations:

2017

The Company accrued $110.0 million in the fourth quarter of 2017 in connection with a legal settlement entered into in January 2018. See Note 6—Commitments and Contingent Liabilities for further discussion of the settlement.

The Company recorded a goodwill impairment of $20.0 million in the fourth quarter of 2017 in connection with its annual impairment test. See Note 2—Long-Lived Assets and Note 5—Fair Value Measurements for further discussion.

The Company recorded a $55.7 million income tax benefit in connection with the 2017 tax reform. See Note 8—Income Taxes for further discussion of the impact of the 2017 tax reform.

The Company recorded net foreign exchange rate gains of $2.7 million and $4.4 million in the first and second quarters of 2017, respectively, and net foreign exchange rate losses of $4.2 million in the fourth quarter of 2017, as a component of other expense (income), net.

2016

In the third quarter of 2016, the Company recorded impairment charges of $15.1 million related to investments in a digital content company and an online merchandise company as a component of equity in losses (earnings) of nonconsolidated affiliates. See Note 5—Fair Value Measurements for further discussion of the inputs used to determine the fair values.

In the fourth quarter of 2016, the Company recorded a $14.0 million loss on extinguishment of debt related to the refinancing of certain of its debt. See Note 3—Long-Term Debt for further discussion.

The Company recorded net foreign exchange rate gains of $7.8 million in the first quarter of 2016 and net foreign exchange rate losses of $6.6 million, $1.9 million and $8.0 million in the second, third and fourth quarters of 2016, respectively, as a component of other expense (income), net.

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SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2017

Valuation and Qualifying Accounts [Abstract]

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

LIVE NATION ENTERTAINMENT, INC.

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

Allowance for Doubtful Accounts

Description	Balance at Beginning of Period		Charges of Costs, Expenses and Other		Write-off of Accounts Receivable			Other				Balance at End of Period
	(in thousands)
Year ended December 31, 2015	$	17,489	$	19,525	$	(18,703	)	$	(1,143	)	(1)	$	17,168
Year ended December 31, 2016	$	17,168	$	16,699	$	(3,927	)	$	(306	)	(1)	$	29,634
Year ended December 31, 2017	$	29,634	$	16,664	$	(14,846	)	$	1,303		(1)	$	32,755

_________________

⁽¹⁾ Foreign currency adjustments and acquisitions.

LIVE NATION ENTERTAINMENT, INC.

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

Deferred Tax Asset Valuation Allowance

Description	Balance at Beginning of Period		Charges of Costs, Expenses and Other		Deletions		Other (1)			Balance at End of Period
	(in thousands)
Year ended December 31, 2015	$	593,305	$	7,116	$	—	$	57,683		$	658,104
Year ended December 31, 2016	$	658,104	$	11,820	$	—	$	11,642		$	681,566
Year ended December 31, 2017	$	681,566	$	18,067	$	—	$	(103,196	)	$	596,437

________________________

⁽¹⁾ During 2017, 2016 and 2015, the valuation allowance was adjusted for acquisitions, divestitures and foreign currency adjustments. The 2017 valuation allowance was also reduced due to the reduction in the federal income tax rate to 21%. This reduced the previously fully valued United States deferred tax asset.

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THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The Company’s consolidated financial statements include all accounts of the Company, its majority owned and controlled subsidiaries and VIEs for which the Company is the primary beneficiary. Intercompany accounts among the consolidated businesses have been eliminated in consolidation. Net income (loss) attributable to noncontrolling interests is reflected in the statements of operations.

Typically the Company consolidates entities in which the Company owns more than 50% of the voting common stock and controls operations and also VIEs for which the Company is the primary beneficiary. Investments in nonconsolidated affiliates in which the Company owns more than 20% of the voting common stock or otherwise exercises significant influence over operating and financial policies but not control of the nonconsolidated affiliate are accounted for using the equity method of accounting. Investments in nonconsolidated affiliates in which the Company owns less than 20% of the voting common stock and does not exercise significant influence over operating and financial policies are accounted for using the cost method of accounting.

All cash flow activity reflected on the consolidated statements of cash flows for the Company is presented net of any non-cash transactions so the amounts reflected may be different than amounts shown in other places in the Company’s financial statements that are based on accrual accounting and therefore include non-cash amounts. For example, the purchases of property, plant and equipment reflected on the consolidated statements of cash flows reflects the amount of cash paid during the year for these purchases and does not include the impact of the changes in accrued expenses related to capital expenditures during the year. 

Variable Interest Entities

Variable Interest Entities

In the normal course of business, the Company enters into joint ventures or makes investments in companies that will allow it to expand its core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. In determining whether the Company is the primary beneficiary of a VIE, it assesses whether it has the power to direct activities that most significantly impact the economic performance of the entity and has the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities the Company believes most significantly impact the economic performance of its VIEs include the unilateral ability to approve the annual budget, the unilateral ability to terminate key management and the unilateral ability to approve entering into agreements with artists, among others. The Company has certain rights and obligations related to its involvement in the VIEs, including the requirement to provide operational cash flow funding. As of December 31, 2017 and 2016, excluding intercompany balances and allocated goodwill and intangible assets, there were $192.1 million and $186.4 million of assets and $98.0 million and $98.9 million of liabilities, respectively, related to VIEs included in the balance sheets. None of the Company’s VIEs are significant on an individual basis.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. The Company’s cash and cash equivalents consist primarily of domestic and foreign bank accounts as well as interest-bearing accounts consisting primarily of bank deposits and money market accounts managed by third-party financial institutions. These balances are stated at cost, which approximates fair value.

Included in the December 31, 2017 and 2016 cash and cash equivalents balance is $769.4 million and $591.0 million, respectively, of cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to the clients. The Company generally does not utilize client cash for its own financing or investing activities as the amounts are payable to clients on a regular basis. These amounts due to clients are included in accounts payable, client accounts.

Cash held in interest-bearing operating accounts in many cases exceeds the Federal Deposit Insurance Corporation insurance limits. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents; however, these balances could be impacted in the future if the underlying financial institutions fail. To date, the Company has experienced no loss or lack of access to its cash or cash equivalents; however, the Company can provide no assurances that access to its cash and cash equivalents will not be impacted in the future by adverse conditions in the financial markets.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

The Company evaluates the collectability of its accounts receivable based on a combination of factors. Generally, it records specific reserves to reduce the amounts recorded to what it believes will be collected when a customer’s account ages beyond typical collection patterns, or the Company becomes aware of a customer’s inability to meet its financial obligations.

The Company believes that the credit risk with respect to trade receivables is limited due to the large number and the geographic diversification of its customers.

Prepaid Expenses

Prepaid Expenses

The majority of the Company’s prepaid expenses relate to event expenses including show advances and deposits and other costs directly related to future concert events. For advances that are expected to be recouped over a period of more than 12 months, the long-term portion of the advance is classified as other long-term assets. These prepaid costs are charged to operations upon completion of the related events.

Ticketing Contract Advances

Ticketing contract advances, which can be either recoupable or non-recoupable, represent amounts paid in advance to the Company’s clients pursuant to ticketing agreements and are reflected in prepaid expenses or in other long-term assets if the amount is expected to be recouped or recognized over a period of more than 12 months. Recoupable ticketing contract advances are generally recoupable against future royalties earned by the clients, based on the contract terms, over the life of the contract. Non-recoupable ticketing contract advances, excluding those amounts paid to support clients’ advertising costs, are fixed additional incentives occasionally paid by the Company to secure the contract with certain clients and are normally amortized over the life of the contract on a straight-line basis. Amortization of these non-recoupable ticketing contract advances is included in depreciation and amortization in the statements of operations. For the years ended December 31, 2017, 2016 and 2015, the Company amortized $83.3 million, $85.1 million and $86.6 million, respectively, related to non-recoupable ticketing contract advances.

Business Combinations

Business Combinations

During 2017, 2016 and 2015, the Company completed several acquisitions that were accounted for as business combinations under the acquisition method of accounting. These acquisitions were not significant either on an individual basis or in the aggregate.

The Company accounts for its business combinations under the acquisition method of accounting. Identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree are recognized and measured as of the acquisition date at fair value. Additionally, any contingent consideration is recorded at fair value on the acquisition date and classified as a liability. Goodwill is recognized to the extent by which the aggregate of the acquisition-date fair value of the consideration transferred and any noncontrolling interest in the acquiree exceeds the recognized basis of the identifiable assets acquired, net of assumed liabilities. Determining the fair value of assets acquired, liabilities assumed and noncontrolling interests requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates and asset lives among other items.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are stated at cost or fair value at the date of acquisition. Depreciation, which is recorded for both owned assets and assets under capital leases, is computed using the straight-line method over their estimated useful lives, which are typically as follows:

Buildings and improvements - 10 to 50 years

Computer equipment and capitalized software - 3 to 10 years

Furniture and other equipment - 3 to 10 years

Leasehold improvements are depreciated over the shorter of the economic life or associated lease term assuming the Company exercises renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for asset renewal and improvements are capitalized.

The Company tests for possible impairment of property, plant and equipment whenever events or circumstances change, such as a current period operating cash flow loss combined with a history of, or projected, operating cash flow losses or a significant adverse change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows related to the asset to the carrying value of the asset. If the carrying value is greater than the estimated undiscounted future cash flow amount, an impairment charge is recorded based on the difference between the fair value and the carrying value. Any such impairment charge is recorded in depreciation and amortization in the statements of operations. The impairment loss calculations require management to apply judgment in estimating future cash flows and the discount rates that reflect the risk inherent in future cash flows.

Intangible Assets

Intangible Assets

The Company classifies intangible assets as definite-lived or indefinite-lived. Definite-lived intangibles include revenue-generating contracts, client/vendor relationships, trademarks and naming rights, technology, non-compete agreements, and venue management and leasehold agreements, all of which are amortized either on a straight-line basis over the respective lives of the agreements, typically 3 to 15 years, or on a basis more representative of the time pattern over which the benefit is derived. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are stated at cost or fair value at the date of acquisition. Indefinite-lived intangibles consist of trade names. Indefinite-lived intangibles are not subject to amortization, but are reviewed for impairment at least annually.

The Company tests for possible impairment of definite-lived intangible assets whenever events or circumstances change, such as a current period operating cash flow loss combined with a history of, or projected, operating cash flow losses or a significant adverse change in the manner in which the asset is intended to be used, which may indicate that the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows related to the asset to the carrying value of the asset. If the carrying value is greater than the estimated undiscounted future cash flow amount, an impairment charge is recorded based on the difference between the fair value and the carrying value. Any such impairment charge is recorded in depreciation and amortization in the statements of operations.

The Company tests for possible impairment of indefinite-lived intangible assets at least annually. Depending on facts and circumstances, qualitative factors may first be assessed to determine whether the existence of events and circumstances indicate that it is more likely than not that an indefinite-lived intangible asset is impaired. If it is concluded that it is more likely than not impaired, the Company performs a quantitative impairment test by comparing the fair value with the carrying amount. If the qualitative assessment is not performed first, the Company performs only this quantitative test. When specific assets are determined to be impaired, the cost basis of the asset is reduced to reflect the current fair value. Any such impairment charge is recorded in depreciation and amortization in the statements of operations. The impairment loss calculations require management to apply judgment in estimating future cash flows, projected expected revenue, discount rates and royalty rates that reflect the risk inherent in future cash flows.

Goodwill

Goodwill

The Company reviews goodwill for impairment annually, as of October 1, using a two-step process. It also tests goodwill for impairment in other periods if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount or when the Company changes its reporting units.

The first step is a qualitative evaluation as to whether it is more likely than not that the fair value of any of the Company’s reporting units is less than its carrying value using an assessment of relevant events and circumstances. Examples of such events and circumstances include historical financial performance, industry and market conditions, macroeconomic conditions, reporting unit-specific events, historical results of goodwill impairment testing and the timing of the last performance of a quantitative assessment.

If any reporting units are concluded to be more likely than not impaired, or if that conclusion cannot be determined qualitatively, a second step is performed for that reporting unit. Regardless, all reporting units undergo a second step at least once every five years. This second step, used to quantitatively screen for potential impairment and measure the impairment, if any, compares the fair value of the reporting unit with its carrying amount, including goodwill. If the reporting unit’s carrying value exceeds its fair value, the excess of the carrying value over the fair value is recorded as an impairment to goodwill. If a reporting unit’s carrying value is negative, the reporting unit passes the impairment test. In this case, the Company will disclose the amount of goodwill allocated to that reporting unit and disclose which reportable segment the reporting unit is included in. In both steps, discount rates, market multiples, and sensitivity tests are derived and/or computed with the assistance of external valuation consultants.

The second step that the Company uses to evaluate goodwill for impairment and measure impairment, if any, involves the determination of the fair value of the Company’s reporting units. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates.

In developing fair values for its reporting units, the Company employs a market multiple or a discounted cash flow methodology, or a combination thereof. The market multiple methodology compares the Company to similar companies on the basis of risk characteristics to determine its risk profile relative to those companies as a group. This analysis generally focuses on both quantitative considerations, which include financial performance and other quantifiable data, and qualitative considerations, which include any factors which are expected to impact future financial performance. The most significant assumptions affecting the market multiple methodology are the market multiples used and control premium. A control premium represents the additional value an investor would pay in order to obtain a controlling interest in the respective reporting unit.

The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the reporting unit. It is important to note that items such as depreciation, amortization and stock-based compensation expense are not part of cash flows which is more akin to the Company’s AOI metric. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The discounted cash flow methodology uses the Company’s estimates of future financial performance. The most significant assumptions used in the discounted cash flow methodology are the discount rate and expected future revenue, which vary among reporting units.

Nonconsolidated Affiliates

Nonconsolidated Affiliates

In general, nonconsolidated investments in which the Company owns more than 20% of the common stock or otherwise exercises significant influence over an affiliate are accounted for under the equity method. The Company recognizes gains or losses upon the issuance of securities by any of its equity method investees. The Company reviews the value of equity method investments and records impairment charges in the statements of operations for any decline in value that is determined to be other-than-temporary. If the Company obtains control of a nonconsolidated affiliate through the purchase of additional ownership interest or changes in the governing agreements, it remeasures its investment to fair value first and then applies the accounting guidance for business combinations. Any gain or loss resulting from the remeasurement to fair value is recorded as a component of other expense (income), net in the statements of operations.

Accounts Payable, Client Accounts

Accounts Payable, Client Accounts

Accounts payable, client accounts consists of contractual amounts due to ticketing clients which includes the face value of tickets sold and the clients’ share of service charges.

Income Taxes

Income Taxes

The Company accounts for income taxes using the liability method which results in deferred tax assets and liabilities based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion of or the entire asset will not be realized. As almost all earnings from the Company’s continuing foreign operations are permanently reinvested and not distributed, the Company’s income tax provision does not include additional United States state and foreign withholding or transaction taxes on those foreign earnings that would be incurred if they were distributed. It is not practicable to determine the amount of state and foreign income taxes, if any, that might become due in the event that any remaining available cash associated with these earnings were distributed.

The FASB guidance for income taxes prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is more likely than not to be realized upon ultimate settlement.

The Company has established a policy of including interest related to tax loss contingencies in income tax expense (benefit) in the statements of operations.

Revenue Recognition

Revenue Recognition

Revenue from the promotion and production of an event in the Concerts segment is recognized after the show occurs. Revenue related to larger global tours is also recognized after the show occurs; however, any profits related to these tours, primarily related to music tour production and tour management services, is recognized after minimum revenue guarantee thresholds, if any, have been achieved. Revenue collected in advance of the event is recorded as deferred revenue until the event occurs. Revenue collected from sponsorships and other revenue, which is not related to any single event, is classified as deferred revenue and generally recognized over the operating season or the term of the contract.

Revenue from the Company’s ticketing operations primarily consists of service fees charged at the time a ticket for an event is sold. For tickets sold to events at the Company’s owned or operated venues and festivals in the United States, and where the Company controls the tickets internationally, the revenue for the associated ticket service charges collected in advance of the event is recorded as deferred revenue until the event occurs and these service charges are shared between the Company’s Ticketing and Concerts segments. For tickets sold for events at third-party venues, the revenue is recognized at the time of the sale and is recorded by the Company’s Ticketing segment.

The Company accounts for taxes that are externally imposed on revenue producing transactions on a net basis.

Gross versus Net Revenue Recognition

Gross versus Net Revenue Recognition

The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. To the extent the Company acts as the principal, revenue is reported on a gross basis. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company has the substantial risks and rewards of ownership under the terms of an arrangement. The Ticketing segment’s revenue, which primarily consists of service fees from its ticketing operations, is recorded net of the face value of the ticket as the Company generally acts as an agent in these transactions.

Foreign Currency

Foreign Currency

Results of operations for foreign subsidiaries and foreign equity investees are translated into United States dollars using the average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into United States dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders’ equity in AOCI. Foreign currency transaction gains and losses are included in the statements of operations and include the impact of revaluation of certain foreign currency denominated net assets or liabilities held internationally. For the year ended December 31, 2017, the Company recorded net foreign currency transaction gains of $3.1 million. For the years ended December 31, 2016 and 2015, the Company recorded net foreign currency transaction losses of $8.8 million and $35.3 million, respectively. The Company does not currently have operations in highly inflationary countries.

Advertising Expense

Advertising Expense

The Company records advertising expense in the year that it is incurred. Throughout the year, general advertising expenses are recognized as they are incurred, but event-related advertising for concerts is recognized once the show occurs. However, all advertising costs incurred during the year and not previously recognized are expensed at the end of the year. Advertising expenses of $378.1 million, $311.9 million and $275.6 million for the years ended December 31, 2017, 2016 and 2015, respectively, were recorded as a component of direct operating expenses. Advertising expenses of $40.3 million, $33.2 million and $28.6 million for the years ended December 31, 2017, 2016 and 2015, respectively, were recorded as a component of selling, general and administrative expenses.

Direct Operating Expenses

Direct Operating Expenses

Direct operating expenses include artist fees, show-related marketing and advertising expenses, royalties paid to clients for their share of service charges, rent expense for events in third-party venues, credit card fees, telecommunication and data communication costs associated with the Company’s call centers, commissions paid on tickets distributed through independent sales outlets away from the box office, and salaries and wages related to seasonal employees at the Company’s venues along with other costs, including ticket stock and shipping. These costs are primarily variable in nature.

Selling, General and Administrative Expenses

Selling, General and Administrative Expenses

Selling, general and administrative expenses include salaries and other compensation costs related to full-time employees, fixed rent, travel and entertainment, legal expenses and consulting along with other costs.

Depreciation and Amortization

Depreciation and Amortization

The Company’s depreciation and amortization is presented as a separate line item in the statements of operations. There is no depreciation or amortization included in direct operating expenses, selling, general and administrative expenses or corporate expenses.

Non-cash and Stock-based Compensation

Non-cash and Stock-based Compensation

The Company follows the fair value recognition provisions in the FASB guidance for stock compensation. Stock-based compensation expense recognized includes compensation expense for all share-based payments using the estimated grant date fair value. Stock-based compensation expense is adjusted for forfeitures as they occur.

The fair value for options in Live Nation stock is estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of the options is amortized to expense on a straight-line basis over the options’ vesting period. The Company uses an expected volatility based on an even weighting of its own traded options and historical volatility. Beginning in 2017, the Company uses a weighted-average expected life based on historical experience calculated with the assistance of outside consultants. Through December 31, 2016, the Company used the simplified method for estimating the expected life within the valuation model which is the period of time that options granted are expected to be outstanding. The Company used the simplified method as it did not believe its historical experience provided a reasonable basis with which to estimate the expected term due to the impact of a number of divestitures after its inception, the varying vesting terms of awards issued since the Company’s inception and the impact from the type and amount of awards converted pursuant to the Company’s merger with Ticketmaster Entertainment LLC. The risk-free rate for periods within the expected life of the option is based on the United States Treasury note rate.

The fair value of restricted stock awards and deferred stock awards, which is generally the stock price on the date of grant, is amortized to expense on a straight-line basis over the vesting period except for restricted stock awards and deferred stock awards with minimum performance or market targets as their vesting condition. The performance-based awards are amortized to expense on a graded basis over the vesting period to the extent that it is probable that the performance criteria will be met. Specific for market-based awards, the fair value is estimated using a Monte Carlo simulation model and is then amortized to expense on a graded basis over the derived service period, which is estimated as the median weighted average vesting period from the Monte Carlo simulation model. However, unlike awards with a service or performance condition, the expense for market-based awards will not be reversed solely because the market condition is not satisfied.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals, acquisition accounting and impairments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Recent Accounting Pronouncements

Accounting Pronouncements - Recently Adopted

In March 2016, the FASB issued guidance clarifying that the assessment of whether an embedded contingent put or call option is clearly and closely related to the debt instrument only requires an analysis pursuant to the four-step decision sequence outlined in the guidance for embedded derivatives. The guidance should be applied to existing debt instruments using a modified retrospective method as of the beginning of the period of adoption. The Company adopted this guidance on January 1, 2017, and the adoption did not have an impact on its financial position or results of operations.

In October 2016, the FASB issued guidance that requires a single decision maker evaluating whether it is the primary beneficiary of a variable interest entity to consider its indirect interests held by related parties that are under common control on a proportionate basis as opposed to considering those interests in their entirety as required by current guidance. The guidance should be applied retrospectively. The Company adopted this guidance on January 1, 2017, and the adoption did not have an impact on its financial position or results of operations.

In December 2016, the FASB issued guidance making technical corrections and improvements, which includes an update clarifying how to account for arrangements that include a license to use internal-use software acquired from third parties. The guidance for this specific technical correction should be applied prospectively. The Company adopted this guidance on January 1, 2017, and the adoption did not have a material effect on its financial position or results of operations.

In January 2017, the FASB issued guidance that eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The guidance should be applied prospectively to goodwill impairment tests performed within the period of adoption. The Company adopted this guidance effective October 1, 2017.

Accounting Pronouncements - Not Yet Adopted

Revenue Recognition

In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP. The new standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to receive in exchange for those goods or services. The FASB also issued important guidance clarifying certain guidelines of the standard including (1) reframing the indicators in the principal versus agent guidance to focus on evidence that a company is acting as a principal rather than agent and (2) identifying performance obligations and licensing. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within that year. Early adoption of the standard is only permitted for annual periods beginning after December 15, 2016 and interim periods within that year. The guidance should be applied retrospectively, either to each prior period presented in the financial statements, or only to the most current reporting period presented in the financial statements with a cumulative-effect adjustment as of the date of adoption.

To assess the impact of the standard, the Company dedicated personnel to lead the implementation effort and supplemented them with additional external resources. These personnel reviewed the amended guidance and subsequent clarifications, conducted surveys of divisional finance managers to obtain a detailed understanding of contracts with customers within each division, and reviewed a sample of contracts judgmentally selected based on the size and complexity of all major revenue streams. The Company has completed its review and analysis, including the estimated impact of the new guidance.

Based on the procedures performed to date, the Company believes it has identified all material contract types and costs that will be impacted by the new guidance. The Concerts segment, representing approximately 76% of the Company’s 2017 consolidated revenue, will not require a change in its revenue recognition as the Company believes this revenue should continue to be deferred until the event date under the new standard. For the Ticketing segment, representing approximately 21% of 2017 consolidated revenue, the Company has concluded that it will no longer present certain payments to ticketing clients as an expense and will begin reflecting these payments as a reduction of revenue. Previously, the Company recognized royalties paid to ticketing clients as direct operating expenses and nonrecoupable ticketing contract advances as depreciation and amortization. Under the new guidance, the Company will now recognize royalties and ticketing contract advances paid to ticketing clients as a reduction to revenue. Consolidated revenue for 2017 will be reduced by $650.2 million, or approximately 6%, and the Ticketing segment revenue will be reduced by $797.3 million, or approximately 37%. There will be no impact overall to operating income. The timing of revenue recognition will not change for the Ticketing segment. The remaining revenue streams of the Company will not be impacted by the new guidance.

The Company is compiling the data necessary for the required disclosures along with implementing changes to internal controls and accounting policies and processes that may be required to comply with the new revenue recognition and disclosure requirements. The Company will adopt this standard on January 1, 2018, applying it retrospectively to each prior period presented in the consolidated statements of operations.

The table below represents the impact of the adoption to the Company’s consolidated and Ticketing segment’s results of operations. The impact to the consolidated results of operations includes the elimination of intercompany transactions between the Company’s Concerts and Ticketing segments.

	As Reported		Adjustment			As Restated
	(in thousands)
Consolidated
2017
Revenue	$	10,337,448	$	(650,226	)	$	9,687,222
Direct operating expenses	$	7,748,791	$	(566,893	)	$	7,181,898
Depreciation and amortization	$	455,534	$	(83,333	)	$	372,201
2016
Revenue	$	8,354,934	$	(528,598	)	$	7,826,336
Direct operating expenses	$	6,082,708	$	(443,531	)	$	5,639,177
Depreciation and amortization	$	403,651	$	(85,067	)	$	318,584
Ticketing Segment
2017
Revenue	$	2,143,800	$	(797,290	)	$	1,346,510
Direct operating expenses	$	1,170,121	$	(709,240	)	$	460,881
Depreciation and amortization	$	200,777	$	(88,050	)	$	112,727
2016
Revenue	$	1,827,930	$	(661,901	)	$	1,166,029
Direct operating expenses	$	956,956	$	(574,266	)	$	382,690
Depreciation and amortization	$	185,925	$	(87,635	)	$	98,290

Lease Accounting

In February 2016, the FASB issued guidance that requires lessees to recognize most leases on their balance sheet as a lease liability and a right-of-use asset, and to disclose key information about leasing arrangements. The guidance is effective for annual periods beginning after December 15, 2018 and interim periods within that year, and early adoption is permitted. The guidance should be applied on a modified retrospective basis. 

To assess the impact of the standard, the Company has dedicated certain of its personnel to lead the implementation effort. These personnel reviewed the amended guidance and subsequent clarifications and attended multiple training sessions in order to understand the potential impact the new standard could have on the Company’s financial position and results of operations. The Company has formed a cross-functional steering committee including members from its major divisions. The Company is in the process of implementing a third-party lease accounting software to record, analyze, and calculate the financial statement and disclosure impacts.

The Company will finalize its conclusions in 2018 and ensure that it can produce the data necessary for the required disclosures along with assessing changes to internal controls and processes that may be required to comply with the new lease accounting and disclosure requirements. The Company will adopt this standard on January 1, 2019 and is currently evaluating the impact that this guidance will have on its financial position and results of operations.

Other Pronouncements

In January 2016, the FASB issued amendments for the recognition, measurement, presentation and disclosure of financial instruments. Among other things, the guidance requires equity investments that do not result in consolidation and are not accounted for under the equity method to be measured at fair value with any change in fair value recognized in net income unless the investments do not have readily determinable fair values. The amendments are effective for annual periods beginning after December 15, 2017 and interim periods within that year. Early adoption is not permitted for most of the amendments. The amendments are to be applied through a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption with the exception of equity investments without readily determinable fair values, which will be applied prospectively. The Company will adopt this guidance on January 1, 2018, and does not expect the adoption to have a material impact on its financial position and results of operations.

In October 2016, the FASB issued guidance that requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the period in which the transfer occurs. That is a change from current guidance which requires companies to defer the income tax effects of intercompany transfers of assets until the asset has been sold to an outside party or otherwise recognized. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that year, and early adoption is permitted. The guidance should be applied on a modified retrospective basis. The Company will adopt this guidance on January 1, 2018, and the adoption will not impact its financial position or results of operations.

In January 2017, the FASB issued guidance that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business and should be accounted for as an asset acquisition rather than a business combination. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that year, and early adoption is permitted. The guidance should be applied prospectively to any transactions occurring within the period of adoption. The Company will adopt this guidance on January 1, 2018, and will apply it prospectively to acquisitions occurring on or after January 1, 2018.

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THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Impact of the Adoption of Revenue Guidance on the Company's Results of Operations

The table below represents the impact of the adoption to the Company’s consolidated and Ticketing segment’s results of operations. The impact to the consolidated results of operations includes the elimination of intercompany transactions between the Company’s Concerts and Ticketing segments.

	As Reported		Adjustment			As Restated
	(in thousands)
Consolidated
2017
Revenue	$	10,337,448	$	(650,226	)	$	9,687,222
Direct operating expenses	$	7,748,791	$	(566,893	)	$	7,181,898
Depreciation and amortization	$	455,534	$	(83,333	)	$	372,201
2016
Revenue	$	8,354,934	$	(528,598	)	$	7,826,336
Direct operating expenses	$	6,082,708	$	(443,531	)	$	5,639,177
Depreciation and amortization	$	403,651	$	(85,067	)	$	318,584
Ticketing Segment
2017
Revenue	$	2,143,800	$	(797,290	)	$	1,346,510
Direct operating expenses	$	1,170,121	$	(709,240	)	$	460,881
Depreciation and amortization	$	200,777	$	(88,050	)	$	112,727
2016
Revenue	$	1,827,930	$	(661,901	)	$	1,166,029
Direct operating expenses	$	956,956	$	(574,266	)	$	382,690
Depreciation and amortization	$	185,925	$	(87,635	)	$	98,290

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LONG-LIVED ASSETS (Tables)

12 Months Ended

Dec. 31, 2017

LONG-LIVED ASSETS [Abstract]

Gross Carrying Amount and Accumulated Amortization of Definite-Lived Intangible Assets

The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the years ended December 31, 2017 and 2016:

	Revenue- generating contracts			Client / vendor relationships			Trademarks and naming rights			Technology			Other (1)			Total
	(in thousands)
Balance as of December 31, 2015:
Gross carrying amount	$	700,795		$	379,282		$	86,556		$	30,265		$	246,003		$	1,442,901
Accumulated amortization	(313,743		)	(169,620		)	(14,578		)	(8,602		)	(158,595		)	(665,138		)
Net	387,052			209,662			71,978			21,663			87,408			777,763
Gross carrying amount:
Acquisitions—current year	136,029			42,861			5,100			24,804			11,411			220,205
Acquisitions—prior year	11,404			782			3,618			—			2,674			18,478
Dispositions	—			(2,299		)	—			—			(1,225		)	(3,524		)
Foreign exchange	(25,360		)	(4,528		)	(930		)	(1,364		)	(8,110		)	(40,292		)
Other (2)	(62,470		)	(14,089		)	(6		)	(627		)	(126,746		)	(203,938		)
Net change	59,603			22,727			7,782			22,813			(121,996		)	(9,071		)
Accumulated amortization:
Amortization	(76,484		)	(60,815		)	(9,623		)	(6,153		)	(25,055		)	(178,130		)
Dispositions	—			599			—			—			22			621
Foreign exchange	10,555			1,962			477			491			2,926			16,411
Other (2)	62,872			14,089			—			627			126,849			204,437
Net change	(3,057		)	(44,165		)	(9,146		)	(5,035		)	104,742			43,339
Balance as of December 31, 2016:
Gross carrying amount	760,398			402,009			94,338			53,078			124,007			1,433,830
Accumulated amortization	(316,800		)	(213,785		)	(23,724		)	(13,637		)	(53,853		)	(621,799		)
Net	443,598			188,224			70,614			39,441			70,154			812,031
Gross carrying amount:
Acquisitions—current year	19,095			22,635			—			12,707			6,620			61,057
Acquisitions—prior year	(6,724		)	—			35,464			1,120			—			29,860
Foreign exchange	23,308			10,457			1,429			2,278			4,857			42,329
Other (2)	(6,714		)	(93,652		)	(4,900		)	(5,517		)	(253		)	(111,036		)
Net change	28,965			(60,560		)	31,993			10,588			11,224			22,210
Accumulated amortization:
Amortization	(94,797		)	(61,550		)	(13,315		)	(13,869		)	(19,035		)	(202,566		)
Foreign exchange	(9,918		)	(4,460		)	(560		)	(764		)	(2,463		)	(18,165		)
Other (2)	11,504			93,438			4,918			5,525			370			115,755
Net change	(93,211		)	27,428			(8,957		)	(9,108		)	(21,128		)	(104,976		)
Balance as of December 31, 2017:
Gross carrying amount	789,363			341,449			126,331			63,666			135,231			1,456,040
Accumulated amortization	(410,011		)	(186,357		)	(32,681		)	(22,745		)	(74,981		)	(726,775		)
Net	$	379,352		$	155,092		$	93,650		$	40,921		$	60,250		$	729,265

^{___________________} 

⁽¹⁾ Other includes non-compete agreements of $31.6 million and $43.9 million at December 31, 2017 and 2016, respectively, and venue management and leaseholds of $27.2 million and $24.3 million at December 31, 2017 and 2016, respectively.

⁽²⁾ Other includes netdowns of fully amortized or impaired assets.

Weighted Average Lives of Additions to Definite-Lived Intangible Assets

The 2017 and 2016 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:

	Weighted- Average Life (years)
	2017	2016
Revenue-generating contracts	7	8
Client/vendor relationships	6	6
Trademarks and naming rights	—	10
Technology	3	5
Other	9	5
All categories	6	8

Estimate of Amortization Expense for Each of the Five Succeeding Fiscal Years for Definite-Lived Intangible Assets

The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets that exist at December 31, 2017:

	(in thousands)
2018	$	179,251
2019	$	151,852
2020	$	118,439
2021	$	81,950
2022	$	63,920

Changes in Goodwill by Segment

The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments for the years ended December 31, 2017 and 2016:

	Concerts			Sponsorship &  Advertising			Ticketing			Total
	(in thousands)
Balance as of December 31, 2015:
Goodwill	$	943,272		$	332,081		$	733,825		$	2,009,178
Accumulated impairment losses	(404,863		)	—			—			(404,863		)
Net	538,409			332,081			733,825			1,604,315
Acquisitions—current year	123,952			45,376			8,671			177,999
Acquisitions—prior year	(18,457		)	18,302			(108		)	(263		)
Dispositions	(323		)	—			—			(323		)
Foreign exchange	(31,424		)	67			(3,283		)	(34,640		)
Balance as of December 31, 2016:
Goodwill	1,017,020			395,826			739,105			2,151,951
Accumulated impairment losses	(404,863		)	—			—			(404,863		)
Net	612,157			395,826			739,105			1,747,088
Acquisitions—current year	10,265			5,438			11,139			26,842
Acquisitions—prior year	(21,614		)	(9,822		)	882			(30,554		)
Impairment	(20,000		)	—			—			(20,000		)
Foreign exchange	10,242			10,311			10,660			31,213
Balance as of December 31, 2017:
Goodwill	1,015,913			401,753			761,786			2,179,452
Accumulated impairment losses	(424,863		)	—			—			(424,863		)
Net	$	591,050		$	401,753		$	761,786		$	1,754,589

Investments in Nonconsolidated Affiliates

Summarized balance sheet and income statement information for these entities is as follows (at 100%):

	December 31,
	2017		2016
	(in thousands)
Current assets	$	125,883	$	58,099
Noncurrent assets	$	117,890	$	14,854
Current liabilities	$	133,586	$	39,207
Noncurrent liabilities	$	15,531	$	—
Noncontrolling interests	$	476	$	355

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Revenue	$	83,363	$	57,620	$	59,770
Operating income	$	23,691	$	24,673	$	27,443
Net income	$	18,048	$	18,652	$	20,481
Net income attributable to the common stockholders of the equity investees	$	17,927	$	18,670	$	20,400

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LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Summary of long-term debt

Long-term debt, which includes capital leases, consisted of the following:

		December 31,
		2017			2016
		(in thousands)
Senior Secured Credit Facility:
	Term loan A	$	175,750		$	187,625
	Term loan B	962,849			972,563
4.875% Senior Notes due 2024		575,000			575,000
5.375% Senior Notes due 2022		250,000			250,000
2.5% Convertible Senior Notes due 2019		275,000			275,000
Other long-term debt		99,393			104,397
Total principal amount		2,337,992			2,364,585
Less unamortized discounts and debt issuance costs		(38,033		)	(51,532		)
Total long-term debt, net of unamortized discounts and debt issuance costs		2,299,959			2,313,053
Less: current portion		347,593			53,317
Total long-term debt, net		$	1,952,366		$	2,259,736

Future maturities of long-term debt

Future maturities of long-term debt at December 31, 2017 are as follows:

	(in thousands)
2018	$	353,738
2019	42,240
2020	71,621
2021	114,546
2022	260,013
Thereafter	1,495,834
Total	$	2,337,992

Summary of pre tax interest cost recognized on convertible senior notes

The following table summarizes the amount of pre-tax interest cost recognized on the 2.5% convertible senior notes:

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Interest cost recognized relating to:
Contractual interest coupon	$	6,875	$	6,875	$	6,856
Amortization of debt discount	5,080		4,833		4,599
Amortization of debt issuance costs	1,358		1,358		1,355
Total interest cost recognized on the notes	$	13,313	$	13,066	$	12,810

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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured on a Recurring Basis

In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis, which are classified on the balance sheets as cash and cash equivalents, other current assets, other current liabilities and other long-term liabilities:

	Fair Value Measurements   at December 31, 2017								Fair Value Measurements   at December 31, 2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
			(in thousands)								(in thousands)
Assets:
Cash equivalents	$	58,063	$	—	$	—	$	58,063	$	55,081	$	—	$	—	$	55,081
Forward currency contracts	—		114		—		114		—		2,957		—		2,957
Total	$	58,063	$	114	$	—	$	58,177	$	55,081	$	2,957	$	—	$	58,038
Liabilities:
Forward currency contracts	—		1,276		—		1,276		—		363		—		363
Put option	—		—		5,768		5,768		—		—		5,147		5,147
Contingent consideration	—		—		70,039		70,039		—		—		44,195		44,195
Total	$	—	$	1,276	$	75,807	$	77,083	$	—	$	363	$	49,342	$	49,705

Fair Value of Assets Measured on a Non-recurring Basis

The following table shows the fair value of the Company’s financial assets that have been adjusted to fair value on a non-recurring basis which had a significant impact on the Company’s results of operations for the years ended December 31, 2017 and 2016:

	Fair Value		Fair Value Measurements Using						Loss
Description	Measurement		Level 1		Level 2		Level 3		(Gain)
	(in thousands)
2017
Goodwill	$	30,832	$	—	$	—	$	30,832	$	20,000
2016
Investment in nonconsolidated affiliates	$	—	$	—	$	—	$	—	$	16,455

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COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Rental Commitments, Contract Commitment, and Capital Expenditure Commitments

As of December 31, 2017, the Company’s future minimum rental commitments under non-cancelable operating lease agreements, minimum payments under non-cancelable contracts and capital expenditure commitments consist of the following:

	Non-cancelable Operating Leases		Non-cancelable Contracts		Capital Expenditures
	(in thousands)
2018	$	175,863	$	897,266	$	16,499
2019	170,751		235,324		3,889
2020	156,278		76,546		3,764
2021	126,317		39,076		4,181
2022	115,849		27,204		872
Thereafter	1,423,288		96,985		30,933
Total	$	2,168,346	$	1,372,401	$	60,138

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CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2017

Related Party Transactions [Abstract]

Expenses Incurred and Revenue Earned From Related Parties

The following table provides details of the total revenue earned and expenses incurred from all related-party transactions:

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Related-party revenue	$	135,996	$	123,521	$	109,720
Related-party expenses	$	14,176	$	8,996	$	8,668
Related-party acquisition related	$	—	$	2,145	$	—

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Significant Components of the Provision for Income Tax Expense (Benefit)

Significant components of the provision for income tax expense (benefit) are as follows:

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Current:
Federal	$	(702	)	$	564		$	543
Foreign	50,970			29,902			23,811
State	4,117			5,454			7,379
Total current	54,385			35,920			31,733
Deferred:
Federal	(56,442		)	5,113			(355		)
Foreign	(15,841		)	(11,703		)	(8,278		)
State	744			(1,301		)	(978		)
Total deferred	(71,539		)	(7,891		)	(9,611		)
Income tax expense (benefit)	$	(17,154	)	$	28,029		$	22,122

Significant Components of Deferred Tax Liabilities and Assets

Significant components of the Company’s deferred tax liabilities and assets are as follows:

	December 31,
	2017			2016
	(in thousands)
Deferred tax liabilities:
Intangible assets	$	132,041		$	189,131
Prepaid expenses	7,882			8,770
Long-term debt	1,229			3,835
Other	7,533			6,077
Total deferred tax liabilities	148,685			207,813
Deferred tax assets:
Accrued expenses	68,168			45,839
Net operating loss carryforwards	466,023			563,461
Foreign tax and other credit carryforwards	62,136			59,977
Equity compensation	20,549			32,452
Other	2,725			—
Total gross deferred tax assets	619,601			701,729
Valuation allowance	596,437			681,566
Total deferred tax assets	23,164			20,163
Net deferred tax liabilities	$	(125,521	)	$	(187,650	)

Reconciliation of Income Taxes at the United States Statutory Rate to Income Tax Expense

The reconciliation of income tax computed at the United States federal statutory rates to income tax expense (benefit) is:

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Income tax expense (benefit) at United States statutory rates	$	(3,283	)	$	16,914		$	2,223
State income taxes, net of federal tax benefits	1,544			3,264			3,959
Differences between foreign and United States statutory rates	(10,887		)	(11,116		)	(5,356		)
United States tax reform rate change	(55,685		)	—			—
Non-United States income inclusions and exclusions	3,826			(2,749		)	655
United States income inclusions and exclusions	11,347			(1,317		)	2,095
Nondeductible items	11,380			3,210			4,736
Tax contingencies	1,955			2,390			2,063
Tax expense from acquired goodwill	4,489			5,936			4,483
Change in valuation allowance	18,067			11,820			7,116
Other, net	93			(323		)	148
	$	(17,154	)	$	28,029		$	22,122

Summary of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Balance at January 1	$	15,117		$	14,022		$	12,619
Additions:
Increase for current year positions	807			—			1,606
Increase for prior year positions	15,498			1,978			274
Decrease for prior year positions	—			(3		)	—
Interest and penalties for prior years	2,745			546			525
Reductions:
Expiration of applicable statute of limitations	(1,233		)	—			—
Settlements for prior year positions	(2,033		)	(1,188		)	(852		)
Foreign exchange	(271		)	(238		)	(150		)
Balance at December 31	$	30,630		$	15,117		$	14,022

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EQUITY (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Change in Noncontrolling Ownership Interest

The following schedule reflects the change in ownership interests for these transactions:

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Net income (loss) attributable to common stockholders of Live Nation	$	(6,015	)	$	2,942		$	(32,508	)
Transfers of noncontrolling interest:
Changes in Live Nation’s additional paid-in capital for purchases of noncontrolling interests, net of transaction costs	(3,616		)	(49,111		)	(6,555		)
Changes in Live Nation’s additional paid-in capital for sales of noncontrolling interests, net of transaction costs	—			1,424			11,899
Net transfers of noncontrolling interest	(3,616		)	(47,687		)	5,344
Change from net income (loss) attributable to common stockholders of Live Nation and net transfers of noncontrolling interests	$	(9,631	)	$	(44,745	)	$	(27,164	)

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents changes in the components of AOCI, net of taxes, for the years ended December 31, 2017, 2016 and 2015:

	Foreign Currency Items			Other			Total
	(in thousands)
Balance at December 31, 2014	$	(69,404	)	$	(606	)	$	(70,010	)
Other comprehensive income (loss) before reclassifications	(41,895		)	223			(41,672		)
Amount reclassified from AOCI	—			25			25
Net other comprehensive income (loss)	(41,895		)	248			(41,647		)
Balance at December 31, 2015	(111,299		)	(358		)	(111,657		)
Other comprehensive loss before reclassifications	(64,947		)	(103		)	(65,050		)
Amount reclassified from AOCI	—			—			—
Net other comprehensive loss	(64,947		)	(103		)	(65,050		)
Balance at December 31, 2016	(176,246		)	(461		)	(176,707		)
Other comprehensive income before reclassifications	67,704			—			67,704
Amount reclassified from AOCI	—			461			461
Net other comprehensive income	67,704			461			68,165
Balance at December 31, 2017	$	(108,542	)	$	—		$	(108,542	)

Potentially Dilutive Securities Excluded From Diluted Net Income Per Common Share

The following table shows securities excluded from the calculation of diluted net income per common share because such securities were anti-dilutive:

	Year Ended December 31,
	2017	2016	2015
Options to purchase shares of common stock	14,238,589	16,283,434	16,308,739
Restricted and deferred stock awards—unvested	4,106,956	1,079,783	860,646
Conversion shares related to convertible senior notes	7,929,982	7,929,982	7,929,982
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	26,275,527	25,293,199	25,099,367

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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock-Based Compensation Expense

The following is a summary of stock-based compensation expense recorded by the Company during the respective periods:

	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Selling, general and administrative expenses	$	24,364	$	15,687	$	16,380
Corporate expenses	18,391		17,036		16,981
Total	$	42,755	$	32,723	$	33,361

Assumptions Used to Calculate Fair Value of Options

The following assumptions were used to calculate the fair value of the Company’s options on the date of grant:

	Year Ended December 31,
	2017		2016		2015
Risk-free interest rate	1.87% - 2.27%		1.24% - 1.49%		1.47% - 1.75%
Dividend yield	0.0	%	0.0	%	0.0	%
Volatility factors	25.88% - 27.58%		29.42% - 36.11%		34.18% - 43.36%
Weighted average expected life (in years)	5.78		5.76		5.94

Summary of Stock Options Activity

The following table presents a summary of the Company’s stock options outstanding at the dates given, and stock option activity for the period between such dates (“Price” reflects the weighted average exercise price per share):

	Year Ended December 31,
	2017				2016				2015
	Options		Price		Options		Price		Options		Price
	(in thousands, except per share data)
Outstanding January 1	16,283		$	13.55	16,309		$	13.54	16,999		$	13.78
Granted	1,164		33.48		1,103		19.53		1,667		25.32
Exercised	(3,138	)	16.27		(1,063	)	19.10		(1,098	)	14.50
Forfeited or expired	(70	)	24.05		(66	)	22.39		(1,259	)	31.58
Outstanding December 31	14,239		$	14.52	16,283		$	13.55	16,309		$	13.54
Exercisable December 31	11,906		$	12.00	12,628		$	12.01	11,177		$	11.54
Weighted average fair value per option granted			$	10.18			$	6.98			$	9.93

Summary of Stock Options, by Range of Exercise Prices

Vesting dates on the stock options range from January 2018 to December 2021, and expiration dates range from January 2018 to December 2027 at exercise prices and average contractual lives as follows:

Range of Exercise Prices	Outstanding as of 12/31/17	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Exercisable as of 12/31/17	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
	(in thousands)	(in years)			(in thousands)	(in years)
$2.75 - $4.99	1,713	1.2	$	2.82	1,713	1.2	$	2.82
$5.00 - $9.99	4,455	4.8	$	8.81	4,455	4.8	$	8.81
$10.00 - $14.99	2,540	3.3	$	11.34	2,540	3.3	$	11.34
$15.00 - $19.99	1,269	7.0	$	19.04	745	6.2	$	18.82
$20.00 - $24.99	1,842	6.2	$	21.15	1,467	6.1	$	21.15
$25.00 - $29.99	2,061	7.9	$	26.77	986	7.1	$	25.35
$30.00 - $44.99	359	9.9	$	43.50	—	0.0	$	—

Summary of Unvested Restricted Stock Activity

The following table presents a summary of the Company’s unvested restricted stock awards outstanding at December 31, 2017, 2016 and 2015 (“Price” reflects the weighted average share price at the date of grant):

	Restricted Stock
	Awards		Price
	(in thousands, except per share data)
Unvested at December 31, 2014	1,171		$	16.18
Granted	456		26.11
Forfeited	(6	)	10.02
Vested	(760	)	14.74
Unvested at December 31, 2015	861		$	22.67
Granted	751		20.65
Forfeited	(50	)	21.63
Vested	(482	)	21.73
Unvested at December 31, 2016	1,080		$	21.67
Granted	1,132		35.97
Forfeited	(82	)	22.96
Vested	(523	)	21.89
Unvested at December 31, 2017	1,607		$	31.79

Summary of Deferred Stock Activity

The following table presents a summary of the Company’s unvested deferred stock awards outstanding at December 31, 2017 and 2016 (“Price” reflects the weighted average share price at the date of grant):

	Deferred Stock
	Awards	Price
	(in thousands, except per share data)
Unvested at December 31, 2016	—	$	—
Granted	2,500	26.69
Forfeited	—	—
Vested	—	—
Unvested at December 31, 2017	2,500	$	26.69

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OTHER INFORMATION (Tables)

12 Months Ended

Dec. 31, 2017

Balance Sheet Related Disclosures [Abstract]

Other Information

	December 31,
	2017		2016
	(in thousands)
The following details the components of “Other current assets”:
Cash held in escrow	$	6,628	$	2,983
Inventory	17,467		15,114
Other	31,308		31,677
Total other current assets	$	55,403	$	49,774
The following details the components of “Other long-term assets”:
Long-term advances	$	359,528	$	208,977
Investments in nonconsolidated affiliates	105,271		82,032
Other	147,909		120,285
Total other long-term assets	$	612,708	$	411,294
The following details the components of “Accrued expenses”:
Accrued compensation and benefits	$	233,459	$	192,167
Accrued event expenses	247,380		192,599
Accrued insurance	97,606		65,941
Accrued legal	129,882		22,904
Collections on behalf of others	48,099		31,233
Other	352,820		276,650
Total accrued expenses	$	1,109,246	$	781,494
The following details the components of “Other current liabilities”:
Contingent and deferred purchase consideration	$	143,809	$	23,301
Other	16,829		15,754
Total other current liabilities	$	160,638	$	39,055
The following details the components of “Other long-term liabilities”:
Deferred revenue	9,569		5,506
Contingent and deferred purchase consideration	41,946		46,228
Other	122,876		98,057
Total other long-term liabilities	$	174,391	$	149,791

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SEGMENT DATA (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Results of Operations Related to Reportable Segments of the Entity

The following table presents the results of operations for the Company’s reportable segments for the years ending December 31, 2017, 2016 and 2015:

	Concerts			Sponsorship & Advertising		Ticketing		Other			Corporate			Eliminations			Consolidated
	(in thousands)
2017
Revenue	$	7,892,076		$	445,148	$	2,143,800	$	21,012		$	—		$	(164,588	)	$	10,337,448
Direct operating expenses	6,641,071			78,725		1,170,121		18,746			—			(159,872		)	7,748,791
Selling, general and administrative expenses	1,119,335			87,268		681,948		19,172			—			—			1,907,723
Depreciation and amortization	226,315			27,669		200,777		432			5,057			(4,716		)	455,534
Loss (gain) on disposal of operating assets	(1,056		)	—		49		—			38			—			(969		)
Corporate expenses	—			—		—		—			134,972			—			134,972
Operating income (loss)	$	(93,589	)	$	251,486	$	90,905	$	(17,338	)	$	(140,067	)	$	—		$	91,397
Intersegment revenue	$	148,125		$	—	$	16,463	$	—		$	—		$	(164,588	)	$	—
Capital expenditures	$	109,801		$	6,701	$	105,317	$	149		$	25,926		$	—		$	247,894
2016
Revenue	$	6,283,521		$	377,618	$	1,827,930	$	7,978		$	—		$	(142,113	)	$	8,354,934
Direct operating expenses	5,202,097			60,218		956,956		2,902			—			(139,465		)	6,082,708

	Concerts			Sponsorship & Advertising		Ticketing		Other			Corporate			Eliminations			Consolidated
	(in thousands)
Selling, general and administrative expenses	950,060			71,089		510,490		16,811			—			—			1,548,450
Depreciation and amortization	194,715			18,206		185,925		2,940			4,433			(2,568		)	403,651
Loss (gain) on disposal of operating assets	(61		)	—		68		—			117			—			124
Corporate expenses	—			—		—		—			125,141			(80		)	125,061
Operating income (loss)	$	(63,290	)	$	228,105	$	174,491	$	(14,675	)	$	(129,691	)	$	—		$	194,940
Intersegment revenue	$	133,505		$	—	$	8,528	$	80		$	—		$	(142,113	)	$	—
Capital expenditures	$	87,306		$	2,161	$	91,285	$	1,028		$	7,824		$	—		$	189,604
2015
Revenue	$	5,382,965		$	333,726	$	1,639,564	$	3,176		$	—		$	(113,700	)	$	7,245,731
Direct operating expenses	4,450,517			47,760		808,697		1,068			—			(111,569		)	5,196,473
Selling, general and administrative expenses	863,516			57,681		488,483		2,175			—			—			1,411,855
Depreciation and amortization	201,775			9,932		184,129		46			3,490			(2,131		)	397,241
Loss on disposal of operating assets	645			—		26		—			174			—			845
Corporate expenses	—			—		—		—			107,945			—			107,945
Operating income (loss)	$	(133,488	)	$	218,353	$	158,229	$	(113	)	$	(111,609	)	$	—		$	131,372
Intersegment revenue	$	104,571		$	—	$	9,129	$	—		$	—		$	(113,700	)	$	—
Capital expenditures	$	41,977		$	4,836	$	93,323	$	—		$	5,011		$	—		$	145,147

Schedule of Revenue and Long-Lived Assets, by Geographical Areas

The following table provides revenue and long-lived assets for the Company’s foreign operations included in the consolidated financial statements:

	United Kingdom Operations		Other Foreign Operations		Total Foreign Operations		Total Domestic Operations		Consolidated Total
	(in thousands)
2017
Revenue	$	785,174	$	2,779,324	$	3,564,498	$	6,772,950	$	10,337,448
Long-lived assets	$	74,551	$	127,173	$	201,724	$	684,212	$	885,936
2016
Revenue	$	683,464	$	1,882,583	$	2,566,047	$	5,788,887	$	8,354,934
Long-lived assets	$	69,380	$	104,780	$	174,160	$	577,376	$	751,536
2015
Revenue	$	672,826	$	1,534,629	$	2,207,455	$	5,038,276	$	7,245,731
Long-lived assets	$	74,517	$	126,194	$	200,711	$	530,571	$	731,282

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QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

	March 31,						June 30,				September 30,				December 31,
	2017			2016			2017		2016		2017		2016		2017			2016
	(in thousands)
Revenue	$	1,413,181		$	1,207,716		$	2,818,693	$	2,179,258	$	3,559,418	$	3,170,416	$	2,546,156		$	1,797,544
Operating income (loss)	$	(21,366	)	$	(33,290	)	$	113,433	$	74,159	$	201,347	$	191,286	$	(202,017	)	$	(37,215	)
Net income (loss)	$	(47,770	)	$	(55,954	)	$	80,555	$	36,461	$	148,770	$	132,761	$	(173,781	)	$	(92,971	)
Net income (loss) attributable to common stockholders of Live Nation	$	(32,993	)	$	(44,518	)	$	81,478	$	37,741	$	136,393	$	111,079	$	(190,893	)	$	(101,360	)
Basic net income (loss) per common share available to common stockholders of Live Nation	$	(0.22	)	$	(0.29	)	$	0.31	$	0.13	$	0.56	$	0.51	$	(1.12	)	$	(0.58	)
Diluted net income (loss) per common share available to common stockholders of Live Nation	$	(0.22	)	$	(0.29	)	$	0.29	$	0.13	$	0.53	$	0.49	$	(1.12	)	$	(0.58	)

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THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entities [Abstract]
Assets	$ 192.1	$ 186.4
Liabilities	98.0	98.9
Cash and cash equivalents [Abstract]
Client Cash	769.4	591.0
Ticketing contract advances [Abstract]
Amortization of non-recoupable ticketing contract advances	$ 83.3	$ 85.1	$ 86.6

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THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Property, Plant and Equipment Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2017
Buildings and Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Buildings and Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	50 years
Computer Equipment and Capitalized Software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Computer Equipment and Capitalized Software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Furniture and Other Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture and Other Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

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THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Intangible Asset Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2017
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	3 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	15 years

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THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Goodwill) (Details)	12 Months Ended
	Dec. 31, 2017
Goodwill [Line Items]
Maximum number of years for goodwill quantitative assessment	5 years

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THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Foreign Currency) (Details) - USD ($) $ in Millions	3 Months Ended							12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Foreign Currency Transaction Gain (Loss), before Tax [Abstract]
Net foreign currency transaction gains/(losses)	$ (4.2)	$ 4.4	$ 2.7	$ (8.0)	$ (1.9)	$ (6.6)	$ 7.8	$ 3.1	$ (8.8)	$ (35.3)

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THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Advertising Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Direct Operating Expense [Member]
Income Statement Location [Line Items]
Advertising expense	$ 378.1	$ 311.9	$ 275.6
Selling, General and Administrative Expense [Member]
Income Statement Location [Line Items]
Advertising expense	$ 40.3	$ 33.2	$ 28.6

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THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Recent Accounting Pronouncements) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of the concert business revenue to total revenue									76.00%
Percentage of the ticketing business revenue to total revenue									21.00%
Income Statement [Abstract]
Revenue	$ 2,546,156	$ 3,559,418	$ 2,818,693	$ 1,413,181	$ 1,797,544	$ 3,170,416	$ 2,179,258	$ 1,207,716	$ 10,337,448	$ 8,354,934	$ 7,245,731
Direct operating expenses									7,748,791	6,082,708	5,196,473
Depreciation and amortization									$ 455,534	403,651	397,241
Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percent Reduction In Consolidated Revenue									6.00%
Income Statement [Abstract]
Revenue									$ (650,226)	(528,598)
Direct operating expenses									(566,893)	(443,531)
Depreciation and amortization									(83,333)	(85,067)
Scenario, Plan [Member]
Income Statement [Abstract]
Revenue									9,687,222	7,826,336
Direct operating expenses									7,181,898	5,639,177
Depreciation and amortization									$ 372,201	318,584
Ticketing [Member] | Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percent Reduction In Ticketing Revenue									37.00%
Income Statement [Abstract]
Revenue									$ (797,290)	(661,901)
Direct operating expenses									(709,240)	(574,266)
Depreciation and amortization									(88,050)	(87,635)
Ticketing [Member] | Scenario, Plan [Member]
Income Statement [Abstract]
Revenue									1,346,510	1,166,029
Direct operating expenses									460,881	382,690
Depreciation and amortization									112,727	98,290
Operating Segments [Member] | Ticketing [Member]
Income Statement [Abstract]
Revenue									2,143,800	1,827,930	1,639,564
Direct operating expenses									1,170,121	956,956	808,697
Depreciation and amortization									$ 200,777	$ 185,925	$ 184,129

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LONG-LIVED ASSETS (Definite-lived Intangibles) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-lived Intangibles Asset [Roll Forward]
Gross carrying amount - Beginning of period		$ 1,433,830	$ 1,442,901
Accumulated amortization - Beginning of period		(621,799)	(665,138)
Net - Beginning of period		812,031	777,763
Gross carrying amount - Acquisitions - current year		61,057	220,205
Gross carrying amount - Acquisitions - prior year		29,860	18,478
Gross carrying amount - Dispositions			(3,524)
Gross carrying amount - Foreign exchange		42,329	(40,292)
Gross carrying amount - Other	[1]	(111,036)	(203,938)
Gross carrying amount - Net Change		22,210	(9,071)
Accumulated amortization - Amortization		(202,566)	(178,130)	$ (174,000)
Accumulated amortization - Dispositions			621
Accumulated amortization - Foreign exchange		(18,165)	16,411
Accumulated amortization - Other	[1]	115,755	204,437
Accumulated amortization - Net Change		(104,976)	43,339
Gross carrying amount - End of period		1,456,040	1,433,830	1,442,901
Accumulated amortization - End of period		(726,775)	(621,799)	(665,138)
Net - End of period		$ 729,265	$ 812,031	777,763
Weighted-average lives of definite-lived intangible assets		6 years	8 years
Estimate of amortization expense for each of the five succeeding fiscal years [Abstract]
2018		$ 179,251
2019		151,852
2020		118,439
2021		81,950
2022		63,920
Revenue-generating contracts [Member]
Finite-lived Intangibles Asset [Roll Forward]
Gross carrying amount - Beginning of period		760,398	$ 700,795
Accumulated amortization - Beginning of period		(316,800)	(313,743)
Net - Beginning of period		443,598	387,052
Gross carrying amount - Acquisitions - current year		19,095	136,029
Gross carrying amount - Acquisitions - prior year		(6,724)	11,404
Gross carrying amount - Dispositions			0
Gross carrying amount - Foreign exchange		23,308	(25,360)
Gross carrying amount - Other	[1]	(6,714)	(62,470)
Gross carrying amount - Net Change		28,965	59,603
Accumulated amortization - Amortization		(94,797)	(76,484)
Accumulated amortization - Dispositions			0
Accumulated amortization - Foreign exchange		(9,918)	10,555
Accumulated amortization - Other	[1]	11,504	62,872
Accumulated amortization - Net Change		(93,211)	(3,057)
Gross carrying amount - End of period		789,363	760,398	700,795
Accumulated amortization - End of period		(410,011)	(316,800)	(313,743)
Net - End of period		$ 379,352	$ 443,598	387,052
Weighted-average lives of definite-lived intangible assets		7 years	8 years
Client/vendor relationships [Member]
Finite-lived Intangibles Asset [Roll Forward]
Gross carrying amount - Beginning of period		$ 402,009	$ 379,282
Accumulated amortization - Beginning of period		(213,785)	(169,620)
Net - Beginning of period		188,224	209,662
Gross carrying amount - Acquisitions - current year		22,635	42,861
Gross carrying amount - Acquisitions - prior year		0	782
Gross carrying amount - Dispositions			(2,299)
Gross carrying amount - Foreign exchange		10,457	(4,528)
Gross carrying amount - Other	[1]	(93,652)	(14,089)
Gross carrying amount - Net Change		(60,560)	22,727
Accumulated amortization - Amortization		(61,550)	(60,815)
Accumulated amortization - Dispositions			599
Accumulated amortization - Foreign exchange		(4,460)	1,962
Accumulated amortization - Other	[1]	93,438	14,089
Accumulated amortization - Net Change		27,428	(44,165)
Gross carrying amount - End of period		341,449	402,009	379,282
Accumulated amortization - End of period		(186,357)	(213,785)	(169,620)
Net - End of period		$ 155,092	$ 188,224	209,662
Weighted-average lives of definite-lived intangible assets		6 years	6 years
Trademarks and naming rights [Member]
Finite-lived Intangibles Asset [Roll Forward]
Gross carrying amount - Beginning of period		$ 94,338	$ 86,556
Accumulated amortization - Beginning of period		(23,724)	(14,578)
Net - Beginning of period		70,614	71,978
Gross carrying amount - Acquisitions - current year		0	5,100
Gross carrying amount - Acquisitions - prior year		35,464	3,618
Gross carrying amount - Dispositions			0
Gross carrying amount - Foreign exchange		1,429	(930)
Gross carrying amount - Other	[1]	(4,900)	(6)
Gross carrying amount - Net Change		31,993	7,782
Accumulated amortization - Amortization		(13,315)	(9,623)
Accumulated amortization - Dispositions			0
Accumulated amortization - Foreign exchange		(560)	477
Accumulated amortization - Other	[1]	4,918	0
Accumulated amortization - Net Change		(8,957)	(9,146)
Gross carrying amount - End of period		126,331	94,338	86,556
Accumulated amortization - End of period		(32,681)	(23,724)	(14,578)
Net - End of period		93,650	$ 70,614	71,978
Weighted-average lives of definite-lived intangible assets			10 years
Technology [Member]
Finite-lived Intangibles Asset [Roll Forward]
Gross carrying amount - Beginning of period		53,078	$ 30,265
Accumulated amortization - Beginning of period		(13,637)	(8,602)
Net - Beginning of period		39,441	21,663
Gross carrying amount - Acquisitions - current year		12,707	24,804
Gross carrying amount - Acquisitions - prior year		1,120	0
Gross carrying amount - Dispositions			0
Gross carrying amount - Foreign exchange		2,278	(1,364)
Gross carrying amount - Other	[1]	(5,517)	(627)
Gross carrying amount - Net Change		10,588	22,813
Accumulated amortization - Amortization		(13,869)	(6,153)
Accumulated amortization - Dispositions			0
Accumulated amortization - Foreign exchange		(764)	491
Accumulated amortization - Other	[1]	5,525	627
Accumulated amortization - Net Change		(9,108)	(5,035)
Gross carrying amount - End of period		63,666	53,078	30,265
Accumulated amortization - End of period		(22,745)	(13,637)	(8,602)
Net - End of period		$ 40,921	$ 39,441	21,663
Weighted-average lives of definite-lived intangible assets		3 years	5 years
Noncompete Agreements [Member]
Finite-lived Intangibles Asset [Roll Forward]
Net - Beginning of period		$ 43,900
Net - End of period		31,600	$ 43,900
Venue management and leaseholds [Member]
Finite-lived Intangibles Asset [Roll Forward]
Net - Beginning of period		24,300
Net - End of period		27,200	24,300
Other Intangible Assets [Member]
Finite-lived Intangibles Asset [Roll Forward]
Gross carrying amount - Beginning of period		124,007	246,003
Accumulated amortization - Beginning of period		(53,853)	(158,595)
Net - Beginning of period		70,154	87,408
Gross carrying amount - Acquisitions - current year		6,620	11,411
Gross carrying amount - Acquisitions - prior year		0	2,674
Gross carrying amount - Dispositions			(1,225)
Gross carrying amount - Foreign exchange		4,857	(8,110)
Gross carrying amount - Other		(253)	(126,746)
Gross carrying amount - Net Change		11,224	(121,996)
Accumulated amortization - Amortization		(19,035)	(25,055)
Accumulated amortization - Dispositions			22
Accumulated amortization - Foreign exchange		(2,463)	2,926
Accumulated amortization - Other		370	126,849
Accumulated amortization - Net Change		(21,128)	104,742
Gross carrying amount - End of period		135,231	124,007	246,003
Accumulated amortization - End of period		(74,981)	(53,853)	(158,595)
Net - End of period		$ 60,250	$ 70,154	$ 87,408
Weighted-average lives of definite-lived intangible assets		9 years	5 years

[1] Other includes netdowns of fully amortized or impaired assets.

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LONG-LIVED ASSETS (Indefinite-lived Intangibles) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 369,023	$ 368,766
Trade Names [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 369,023	$ 368,766

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LONG-LIVED ASSETS (Goodwill Assessment) (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2017 USD ($) reporting_unit	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Goodwill [Line Items]
Number of reporting units		7
Goodwill impairment | $	$ 20,000,000	$ 20,000,000	$ 0	$ 0
Qualitative Review [Member]
Goodwill [Line Items]
Number of reporting units		5
Reporting unit percentage of goodwill		80.00%
Qualitative Review & Quantitative Analysis [Member]
Goodwill [Line Items]
Number of reporting units		2
Reporting unit percentage of goodwill		20.00%

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LONG-LIVED ASSETS (Goodwill) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Changes in carrying amount of goodwill [Roll Forward]
Gross Goodwill - Beginning of period		$ 2,151,951,000	$ 2,009,178,000
Accumulated impairment losses - Beginning of period		(404,863,000)	(404,863,000)
Net Goodwill - Beginning of period		1,747,088,000	1,604,315,000
Acquisitions—current year		26,842,000	177,999,000
Acquisitions—prior year		(30,554,000)	(263,000)
Dispositions			(323,000)
Goodwill Impairment	$ (20,000,000)	(20,000,000)	0	$ 0
Foreign exchange		(31,213,000)	34,640,000
Gross Goodwill - End of period	2,179,452,000	2,179,452,000	2,151,951,000	2,009,178,000
Accumulated impairment losses - End of period	(424,863,000)	(424,863,000)	(404,863,000)	(404,863,000)
Net Goodwill - End of period	1,754,589,000	1,754,589,000	1,747,088,000	1,604,315,000
Concerts [Member]
Changes in carrying amount of goodwill [Roll Forward]
Gross Goodwill - Beginning of period		1,017,020,000	943,272,000
Accumulated impairment losses - Beginning of period		(404,863,000)	(404,863,000)
Net Goodwill - Beginning of period		612,157,000	538,409,000
Acquisitions—current year		10,265,000	123,952,000
Acquisitions—prior year		(21,614,000)	(18,457,000)
Dispositions			(323,000)
Goodwill Impairment		(20,000,000)
Foreign exchange		(10,242,000)	31,424,000
Gross Goodwill - End of period	1,015,913,000	1,015,913,000	1,017,020,000	943,272,000
Accumulated impairment losses - End of period	(424,863,000)	(424,863,000)	(404,863,000)	(404,863,000)
Net Goodwill - End of period	591,050,000	591,050,000	612,157,000	538,409,000
Sponsorship & Advertising [Member]
Changes in carrying amount of goodwill [Roll Forward]
Gross Goodwill - Beginning of period		395,826,000	332,081,000
Accumulated impairment losses - Beginning of period		0	0
Net Goodwill - Beginning of period		395,826,000	332,081,000
Acquisitions—current year		5,438,000	45,376,000
Acquisitions—prior year		(9,822,000)	18,302,000
Dispositions			0
Goodwill Impairment		0
Foreign exchange		(10,311,000)	(67,000)
Gross Goodwill - End of period	401,753,000	401,753,000	395,826,000	332,081,000
Accumulated impairment losses - End of period	0	0	0	0
Net Goodwill - End of period	401,753,000	401,753,000	395,826,000	332,081,000
Ticketing [Member]
Changes in carrying amount of goodwill [Roll Forward]
Gross Goodwill - Beginning of period		739,105,000	733,825,000
Accumulated impairment losses - Beginning of period		0	0
Net Goodwill - Beginning of period		739,105,000	733,825,000
Acquisitions—current year		11,139,000	8,671,000
Acquisitions—prior year		882,000	(108,000)
Dispositions			0
Goodwill Impairment		0
Foreign exchange		(10,660,000)	3,283,000
Gross Goodwill - End of period	761,786,000	761,786,000	739,105,000	733,825,000
Accumulated impairment losses - End of period	0	0	0	0
Net Goodwill - End of period	$ 761,786,000	$ 761,786,000	$ 739,105,000	$ 733,825,000

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LONG-LIVED ASSETS (Investments in nonconsolidated affiliates) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summarized balance sheet
Current assets		$ 125,883	$ 58,099
Noncurrent assets		117,890	14,854
Current liabilities		133,586	39,207
Noncurrent Liabilities		15,531	0
Noncontrolling interests		476	355
Summarized income statement
Revenue		83,363	57,620	$ 59,770
Operating income		23,691	24,673	27,443
Net income		18,048	18,652	20,481
Net income attributable to the common stockholders of the equity investees		$ 17,927	18,670	$ 20,400
Impairment charge, investments in nonconsolidated affiliates	$ 15,100		$ 16,455
Venta de Boletos por Computadora S.A. de C.V. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage		33.00%

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LONG-TERM DEBT (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total principal amount	$ 2,337,992	$ 2,364,585
Less unamortized discounts and debt issuance costs	(38,033)	(51,532)
Total long-term debt, net of unamortized discounts and debt issuance costs	2,299,959	2,313,053
Less: current portion	347,593	53,317
Total long-term debt, net	1,952,366	2,259,736
Senior Secured Credit Facility Term loan A [Member]
Debt Instrument [Line Items]
Total principal amount	175,750	187,625
Senior Secured Credit Facility Term loan B [Member]
Debt Instrument [Line Items]
Total principal amount	962,849	972,563
4.875% Senior Notes Due 2024 [Member]
Debt Instrument [Line Items]
Total principal amount	575,000	575,000
5.375% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Total principal amount	250,000	250,000
2.5% Convertible Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Total principal amount	275,000	275,000
Other Long Term Debt [Member]
Debt Instrument [Line Items]
Total principal amount	$ 99,393	$ 104,397

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LONG-TERM DEBT (Future Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Maturities of Long-term Debt [Abstract]
2018	$ 353,738
2019	42,240
2020	71,621
2021	114,546
2022	260,013
Thereafter	1,495,834
Total	$ 2,337,992	$ 2,364,585

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LONG-TERM DEBT (Senior Secured Credit Facility) (Details)	12 Months Ended
	Dec. 31, 2017 USD ($)
Senior Secured Credit Facility Term loan A [Member]
Debt Instrument [Line Items]
Face amount	$ 190,000,000
Senior Secured Credit Facility Term loan A [Member] | Minimum [Member]
Debt Instrument [Line Items]
Quarterly payments	4,800,000
Senior Secured Credit Facility Term loan A [Member] | Maximum [Member]
Debt Instrument [Line Items]
Quarterly payments	28,500,000
Senior Secured Credit Facility Term loan B [Member]
Debt Instrument [Line Items]
Face amount	970,000,000
Quarterly payments	$ 2,400,000
Senior Secured Credit Facility Term loan B [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Senior Secured Credit Facility Term loan B [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Senior Secured Credit Facility Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 365,000,000
Outstanding letters of credit	83,800,000
Current borrowing capacity available	$ 281,200,000
Senior Secured Credit Facility Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.50%
Senior Secured Credit Facility Revolving Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Senior Secured Credit Facility Revolving Credit Facility [Member] | Swingline Loans [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000,000
Senior Secured Credit Facility Revolving Credit Facility [Member] | Euro and British Pound Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	200,000,000
Senior Secured Credit Facility Revolving Credit Facility [Member] | Other Foreign Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000
Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Secured indebtedness leverage ratio, maximum	3.25
Percentage of capital stock of foreign wholly owned (first-tier) subsidiaries	65.00%
Senior Secured Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Additional borrowing capacity available	$ 625,000,000
Senior Secured Credit Facility Revolving Credit Facility & Term loan A [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Senior Secured Credit Facility Revolving Credit Facility & Term loan A [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%

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LONG-TERM DEBT (4.875% Senior Notes) (Details) - 4.875% Senior Notes Due 2024 [Member] - USD ($)	12 Months Ended
	Dec. 31, 2017	Oct. 31, 2016
Debt Instrument [Line Items]
Face amount	$ 575,000,000	$ 575,000,000
Interest rate, stated percentage	4.875%	4.875%
Prior to November 1, 2019 [Member]
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Redemption, Equity Offering [Member]
Debt Instrument [Line Items]
Redemption price, percentage	104.875%
Percentage of notes which may be redeemed	35.00%
After November 1, 2019 [Member]
Debt Instrument [Line Items]
Redemption price, percentage	103.656%
Redemption, Defined Changes of Control [Member]
Debt Instrument [Line Items]
Redemption price, percentage	101.00%

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LONG-TERM DEBT (5.375% Senior Notes) (Details) - 5.375% Senior Notes due 2022 [Member]	12 Months Ended
	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Face amount	$ 250,000,000
Interest rate, stated percentage	5.375%
Redemption price, percentage	104.0313%
Redemption, Defined Changes of Control [Member]
Debt Instrument [Line Items]
Redemption price, percentage	101.00%

XML

LONG-TERM DEBT (2.5% Convertible Senior Notes) (Details) - 2.5% Convertible Senior Notes Due 2019 [Member] $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016	Dec. 31, 2015	May 19, 2014 $ / shares
Debt Instrument [Line Items]
Face amount	$ 275,000,000
Interest rate, stated percentage	2.50%	2.50%	2.50%
Conversion ratio	0.0288363
Conversion premium	52.50%
Last reported sale price used to calculate conversion premium | $ / shares				$ 22.74
Maximum number of shares issuable upon conversion | shares	7.9
Carrying amount of equity component	$ 22,000,000
Debt discount amortization period	1 year
Effective interest rate	5.00%
Redemption, Defined Changes of Control [Member]
Debt Instrument [Line Items]
Redemption price, percentage	100.00%

XML

LONG-TERM DEBT (Schedule of Debt Interest Expense) (Details) - 2.5% Convertible Senior Notes Due 2019 [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Interest rate, stated percentage	2.50%	2.50%	2.50%
Contractual interest coupon	$ 6,875	$ 6,875	$ 6,856
Amortization of debt discount	5,080	4,833	4,599
Amortization of debt issuance costs	1,358	1,358	1,355
Total interest cost recognized on the notes	$ 13,313	$ 13,066	$ 12,810

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LONG-TERM DEBT (Other Long-term Debt) (Details) - Other Long Term Debt [Member] $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) note
Debt Instrument [Line Items]
Capital lease obligations	$ 14.2
Number of notes payable | note	34
Debt, Weighted Average Interest Rate	4.30%
Notes payable maturity period, maximum	4 years
Noncontrolling Interest Partners [Member]
Debt Instrument [Line Items]
Notes payable and other long-term debt	$ 44.0
Subsidiaries [Member]
Debt Instrument [Line Items]
Notes payable and other long-term debt	$ 17.8

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LONG-TERM DEBT (Debt Extinguishment) (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2016	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Cash available for general corporate purposes	$ 256,900,000
Loss on Extinguishment of Debt		$ (14,049,000)	$ (1,048,000)	$ (14,049,000)	$ 0
4.875% Senior Notes Due 2024 [Member]
Debt Instrument [Line Items]
Face amount	$ 575,000,000		$ 575,000,000
Interest rate, stated percentage	4.875%		4.875%
7% Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	7.00%
Extinguishment of debt	$ 425,000,000
Redemption Premium Payment, Extinguishment of Debt	14,900,000
Senior Secured Credit Facility [Member] | 4.875% Senior Notes Due 2024 [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Debt	858,500,000
Old Senior Secured Credit Facility Term Loans A and B [Member]
Debt Instrument [Line Items]
Extinguishment of debt	123,300,000
Old Senior Secured Credit Facility Term Loans A and B [Member] | 7% Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Payment of Accrued Interest and Fees	$ 38,400,000

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LONG-TERM DEBT (Debt Covenants) (Details)	12 Months Ended
	Dec. 31, 2017 covenant quarter	Oct. 31, 2016
Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Number of consecutive quarters | quarter	4
4.875% Senior Notes Due 2024 [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	4.875%	4.875%
5.375% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%
4.875% Senior Notes & 5.375% Senior Notes [Member]
Debt Instrument [Line Items]
Number of covenants | covenant	2
Fixed charge coverage ratio, minimum	2.0
Secured indebtedness leverage ratio, maximum	3.50
Through September 30, 2018 [Member] | Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Ratio of consolidated total funded debt to consolidated EBITDA	5.25
December 31, 2018 [Member] | Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Ratio of consolidated total funded debt to consolidated EBITDA	5.0
December 31, 2019 [Member] | Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Ratio of consolidated total funded debt to consolidated EBITDA	4.75
December 31, 2020 [Member] | Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Ratio of consolidated total funded debt to consolidated EBITDA	4.50

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DERIVATIVE INSTRUMENTS Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instrument [Line Items]
Notional amounts	$ 72.4	$ 173.8

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FAIR VALUE MEASUREMENTS (Assets and Liabilities Measured on Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets:
Cash equivalents	$ 58,063	$ 55,081
Forward currency contracts	114	2,957
Total	58,177	58,038
Liabilities:
Forward currency contracts	1,276	363
Put option	5,768	5,147
Contingent consideration	70,039	44,195
Total	77,083	49,705
Level 1 [Member]
Assets:
Cash equivalents	58,063	55,081
Forward currency contracts	0	0
Total	58,063	55,081
Liabilities:
Forward currency contracts	0	0
Put option	0	0
Contingent consideration	0	0
Total	0	0
Level 2 [Member]
Assets:
Cash equivalents	0	0
Forward currency contracts	114	2,957
Total	114	2,957
Liabilities:
Forward currency contracts	1,276	363
Put option	0	0
Contingent consideration	0	0
Total	1,276	363
Level 3 [Member]
Assets:
Cash equivalents	0	0
Forward currency contracts	0	0
Total	0	0
Liabilities:
Forward currency contracts	0	0
Put option	5,768	5,147
Contingent consideration	70,039	44,195
Total	$ 75,807	$ 49,342

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FAIR VALUE MEASUREMENTS Fair Value Measurements (Narrative) (Details) $ in Millions	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 31, 2016	Dec. 31, 2015
Debt Fair Value [Line Items]
Put option specific events trigger put option certain to occur	1
5.375% Senior Notes due 2022 [Member]
Debt Fair Value [Line Items]
Interest rate, stated percentage	5.375%
4.875% Senior Notes Due 2024 [Member]
Debt Fair Value [Line Items]
Interest rate, stated percentage	4.875%		4.875%
2.5% Convertible Senior Notes Due 2019 [Member]
Debt Fair Value [Line Items]
Interest rate, stated percentage	2.50%	2.50%		2.50%
Fixed Rate Debt With Noncontrolling Interest Partner [Member]
Estimate of fair value not practicable [Abstract]
Face amount of debt	$ 44.0	$ 35.7
Level 3 [Member]
Debt Fair Value [Line Items]
Third party put option to sell its noncontrolling interest	1
Level 2 [Member] | 5.375% Senior Notes due 2022 [Member]
Debt Fair Value [Line Items]
Interest rate, stated percentage	5.375%	5.375%
Estimated fair values of senior notes	$ 259.2	$ 259.7
Level 2 [Member] | 4.875% Senior Notes Due 2024 [Member]
Debt Fair Value [Line Items]
Interest rate, stated percentage	4.875%	4.875%
Estimated fair values of senior notes	$ 592.3	$ 578.5
Level 2 [Member] | 2.5% Convertible Senior Notes Due 2019 [Member]
Debt Fair Value [Line Items]
Interest rate, stated percentage	2.50%	2.50%
Estimated fair values of convertible senior notes	$ 310.6	$ 294.6

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FAIR VALUE MEASUREMENTS (Fair Value of Assets Measured on Non-recurring Basis) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment	$ 20,000,000		$ 20,000,000	$ 0	$ 0
Impairment charge, investments in nonconsolidated affiliates		$ 15,100,000		16,455,000
Gain on consolidation of nonconsolidated affiliates					$ 9,100,000
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, Fair Value Disclosure	30,832,000		30,832,000
Investments in nonconsolidated affiliates				0
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, Fair Value Disclosure	0		0
Investments in nonconsolidated affiliates				0
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, Fair Value Disclosure	0		0
Investments in nonconsolidated affiliates				0
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, Fair Value Disclosure	$ 30,832,000		$ 30,832,000
Investments in nonconsolidated affiliates				$ 0

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COMMITMENTS AND CONTINGENT LIABILITIES (Leases, Contracts, Capital Expenditures) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Non-cancelable Operating Leases [Abstract]
2018	$ 175,863
2019	170,751
2020	156,278
2021	126,317
2022	115,849
Thereafter	1,423,288
Total	2,168,346
Non-cancelable Contracts [Abstract]
2018	897,266
2019	235,324
2020	76,546
2021	39,076
2022	27,204
Thereafter	96,985
Total	1,372,401
Capital Expenditures [Abstract]
2018	16,499
2019	3,889
2020	3,764
2021	4,181
2022	872
Thereafter	30,933
Total	$ 60,138

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COMMITMENTS AND CONTINGENT LIABILITIES (Commitment Obligations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Commitments [Member]
Guarantor Obligations [Line Items]
Commitment amount, inflation factor for North America	1.80%
Commitment amount, inflation factor for United Kingdom	2.90%
commitment amount, inflation factor for Denmark	1.70%
Commitment amount, inflation factor for the Netherlands	1.60%
Minimum rentals to be received in future years under non-cancelable subleases	$ 47.7
Rent expense	220.1	$ 196.0	$ 159.5
Rent expense, contingent rentals	48.3	49.0	$ 43.7
Property Lease Guarantee [Member]
Guarantor Obligations [Line Items]
Guarantor obligations, maximum exposure, undiscounted	15.3
Guarantor obligations, scheduled future minimum rentals per year, for the next five years	1.6
Guarantee of Indebtedness of Others [Member]
Guarantor Obligations [Line Items]
Guarantor obligations, balance	$ 18.3	$ 18.0

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COMMITMENTS AND CONTINGENT LIABILITIES (Business Acquisitions) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Other Current Liabilities [Member]
Business Acquisition, Contingent Consideration [Line Items]
Amount accrued in other liabilities, deferred purchase consideration	$ 109.6	$ 18.1
Other Noncurrent Liabilities [Member]
Business Acquisition, Contingent Consideration [Line Items]
Amount accrued in other liabilities, deferred purchase consideration	6.1	7.2
Earn Out Arrangements [Member] | Other Current Liabilities [Member]
Business Acquisition, Contingent Consideration [Line Items]
Amount accrued in other liabilities, contingent consideration	34.2	5.2
Earn Out Arrangements [Member] | Other Noncurrent Liabilities [Member]
Business Acquisition, Contingent Consideration [Line Items]
Amount accrued in other liabilities, contingent consideration	$ 35.8	$ 39.0

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COMMITMENTS AND CONTINGENT LIABILITIES (Loss Contingencies) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017
Loss Contingencies [Line Items]
Accrual for costs of litigation settlement	$ 110.0
Songkick Litigation [Member] | Settled Litigation [Member]
Loss Contingencies [Line Items]
Accrual for costs of litigation settlement		$ 110.0

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CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS Certain Relationships and Related-Party Transactions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) director	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Related Party Transaction [Line Items]
Related-party revenue	$ 135,996	$ 123,521	$ 109,720
Related-party expenses	14,176	8,996	8,668
Related-party acquisition related		2,145
Related-party payable	$ 23,100	20,900
Liberty Media [Member]
Related Party Transaction [Line Items]
Number of directors nominated by related party | director	2
Equity Method Investee [Member]
Related Party Transaction [Line Items]
Related-party revenue	$ 2,800	2,000	2,000
Related-party expenses	$ 1,800	$ 3,200	$ 1,500

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INCOME TAXES (Schedule of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Components of the provision for income tax expense [Abstract]
Current - Federal	$ (702)	$ 564	$ 543
Current - Foreign	50,970	29,902	23,811
Current - State	4,117	5,454	7,379
Total current	54,385	35,920	31,733
Deferred - Federal	(56,442)	5,113	(355)
Deferred - Foreign	(15,841)	(11,703)	(8,278)
Deferred - State	744	(1,301)	(978)
Total deferred	(71,539)	(7,891)	(9,611)
Income tax expense (benefit)	$ (17,154)	$ 28,029	$ 22,122

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INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Examination [Line Items]
Domestic loss before income taxes			$ 132,600	$ (1,100)	$ 21,400
Foreign income (loss) before taxes			$ 123,200	47,200	27,800
Federal Statutory Income Tax Rate, Percent			35.00%
United States tax reform rate change		$ (55,685)	$ (55,685)	0	$ 0
Net deferred tax liability acquired in business combinations			9,000	$ 15,900
Net operating loss carryforwards - United States federal		123,100	123,100
Net operating loss carryforwards - state		63,500	63,500
Net operating loss carryforwards - foreign		$ 279,400	279,400
One-time transition liability for foreign subsidiaries			$ 25,800
Minimum [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards, expiration date			Dec. 31, 2025
Major tax jurisdictions [Member] | Minimum [Member]
Income Tax Examination [Line Items]
Tax years remain open to examination			2009
Major tax jurisdictions [Member] | Maximum [Member]
Income Tax Examination [Line Items]
Tax years remain open to examination			2017
Subsequent Event [Member]
Income Tax Examination [Line Items]
Federal Statutory Income Tax Rate, Percent	21.00%

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INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax liabilities:
Intangible assets	$ 132,041	$ 189,131
Prepaid expenses	7,882	8,770
Long-term debt	1,229	3,835
Other	7,533	6,077
Total deferred tax liabilities	148,685	207,813
Deferred tax assets:
Accrued expenses	68,168	45,839
Net operating loss carryforwards	466,023	563,461
Foreign tax and other credit carryforwards	62,136	59,977
Equity compensation	20,549	32,452
Other	2,725	0
Total gross deferred tax assets	619,601	701,729
Valuation allowance	596,437	681,566
Total deferred tax assets	23,164	20,163
Net deferred tax liabilities	$ (125,521)	$ (187,650)

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INCOME TAXES (Reconciliation of Income Tax from Statutory Rates to Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense (benefit) at United States statutory rates		$ (3,283)	$ 16,914	$ 2,223
State income taxes, net of federal tax benefits		1,544	3,264	3,959
Differences between foreign and United States statutory rates		(10,887)	(11,116)	(5,356)
United States tax reform rate change	$ (55,685)	(55,685)	0	0
Non-United States income inclusions and exclusions		3,826	(2,749)	655
United States income inclusions and exclusions		11,347	(1,317)	2,095
Nondeductible items		11,380	3,210	4,736
Tax contingencies		1,955	2,390	2,063
Tax expense from acquired goodwill		4,489	5,936	4,483
Change in valuation allowance		18,067	11,820	7,116
Other, net		93	(323)	148
Income tax expense (benefit)		$ (17,154)	$ 28,029	$ 22,122

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INCOME TAXES (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 15,117	$ 14,022	$ 12,619
Increase for current year positions	807	0	1,606
Increase for prior year positions	15,498	1,978	274
Decrease for prior year positions	0	(3)	0
Interest and penalties for prior years	2,745	546	525
Expiration of applicable statute of limitations	(1,233)	0	0
Settlements for prior year positions	(2,033)	(1,188)	(852)
Foreign exchange	(271)	(238)	(150)
Balance at December 31	30,630	$ 15,117	$ 14,022
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	16,800
Unrecognized Tax Benefits That Would Not Impact Effective Tax Rate	$ 13,800

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EQUITY (Narrative) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued	3,500	1,400	1,600
Shares available for future grants (in shares)	25,800
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options currently granted	14,239	16,283	16,309	16,999
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted and deferred stock awards	1,607	1,080	861	1,171
Market Based Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted and deferred stock awards	2,500	0

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EQUITY (Change in ownership interest) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($) business	Dec. 31, 2015 USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to common stockholders of Live Nation	$ (190,893)	$ 136,393	$ 81,478	$ (32,993)	$ (101,360)	$ 111,079	$ 37,741	$ (44,518)	$ (6,015)	$ 2,942	$ (32,508)
Changes in Live Nation’s additional paid-in capital for purchases of noncontrolling interests, net of transaction costs									(3,616)	(49,111)	(6,555)
Changes in Live Nation’s additional paid-in capital for sales of noncontrolling interests, net of transaction costs									0	1,424	11,899
Net transfers of noncontrolling interest									(3,616)	(47,687)	5,344
Change from net income (loss) attributable to common stockholders of Live Nation and net transfers of noncontrolling interests									$ (9,631)	$ (44,745)	$ (27,164)
Concerts [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of businesses acquired | business										2

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EQUITY (Redeemable Noncontrolling Interests) (Details) - Put Option [Member] $ in Millions	Dec. 31, 2017 USD ($)
2018 [Member]
Option Indexed to Issuer's Equity [Line Items]
Estimate of redemption amounts of puts	$ 1.5
2019 [Member]
Option Indexed to Issuer's Equity [Line Items]
Estimate of redemption amounts of puts	101.6
2020 [Member]
Option Indexed to Issuer's Equity [Line Items]
Estimate of redemption amounts of puts	87.6
2021 [Member]
Option Indexed to Issuer's Equity [Line Items]
Estimate of redemption amounts of puts	61.7
2022 [Member]
Option Indexed to Issuer's Equity [Line Items]
Estimate of redemption amounts of puts	$ 25.6

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EQUITY (Accumulated Other Comprehensive Income (Loss)) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of settled instruments designated as cash flow hedges			1
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (176,707)	$ (111,657)	$ (70,010)
Other comprehensive income (loss) before reclassifications	67,704	(65,050)	(41,672)
Amount reclassified from AOCI	461	0	25
Net other comprehensive income (loss)	68,165	(65,050)	(41,647)
Ending balance	(108,542)	(176,707)	(111,657)
Foreign Currency Items [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(176,246)	(111,299)	(69,404)
Other comprehensive income (loss) before reclassifications	67,704	(64,947)	(41,895)
Amount reclassified from AOCI	0	0	0
Net other comprehensive income (loss)	67,704	(64,947)	(41,895)
Ending balance	(108,542)	(176,246)	(111,299)
Accumulated Other Comprehensive (Income) Loss Other [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(461)	(358)	(606)
Other comprehensive income (loss) before reclassifications	0	(103)	223
Amount reclassified from AOCI	461	0	25
Net other comprehensive income (loss)	461	(103)	248
Ending balance	$ 0	$ (461)	$ (358)

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EQUITY (Antidilutive Securities Excluded from Computation of Earnings per Share) (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	26,275,527	25,293,199	25,099,367
Options to purchase shares of common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	14,238,589	16,283,434	16,308,739
Restricted stock awards - unvested [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	4,106,956	1,079,783	860,646
Conversion shares related to convertible senior notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	7,929,982	7,929,982	7,929,982

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STOCK-BASED COMPENSATION (Summary of stock-based compensation expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 42,755	$ 32,723	$ 33,361
Total unrecognized compensation cost	$ 116,200
Amortization period of unrecognized compensation cost	4 years 1 month
Selling, general, and administrative expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 24,364	15,687	16,380
Corporate expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	18,391	$ 17,036	$ 16,981
Other Equity Award [Member] | Selling, general, and administrative expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 10,000

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STOCK-BASED COMPENSATION (Fair value assumptions) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Risk-free interest rate, minimum	1.87%	1.24%	1.47%
Risk-free interest rate, maximum	2.27%	1.49%	1.75%
Dividend yield	0.00%	0.00%	0.00%
Volatility factors, minimum	25.88%	29.42%	34.18%
Volatility factors, maximum	27.58%	36.11%	43.36%
Weighted average expected life (in years)	5 years 9 months 10 days	5 years 9 months 4 days	5 years 11 months 8 days

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STOCK-BASED COMPENSATION (Stock Options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stock-based compensation, additional disclosures [Abstract]
Intrinsic value of stock options exercised	$ 57,500	$ 8,500	$ 14,100
Exercise of stock options	51,069	20,299	16,280
Cash received from exercise of stock options	$ 51,069	$ 20,299	$ 16,280
Shares available for future grants (in shares)	25,800
Total intrinsic value, options outstanding	$ 606,100
Total intrinsic value, options exercisable	$ 506,800
Stock Options [Member]
Summary of stock option activity [Roll Forward]
Outstanding at beginning of period (in shares)	16,283	16,309	16,999
Granted (in shares)	1,164	1,103	1,667
Exercised (in shares)	(3,138)	(1,063)	(1,098)
Forfeited or expired (in shares)	(70)	(66)	(1,259)
Outstanding at end of period (in shares)	14,239	16,283	16,309
Exercisable at end of period (in shares)	11,906	12,628	11,177
Summary of stock option activity, additional disclosures [Abstract]
Price, Outstanding at beginning of period (in dollars per share)	$ 13.55	$ 13.54	$ 13.78
Price, Granted (in dollars per share)	33.48	19.53	25.32
Price, Exercised (in dollars per share)	16.27	19.10	14.50
Price, Forfeited or expired (in dollars per share)	24.05	22.39	31.58
Price, Outstanding at end of period (in dollars per share)	14.52	13.55	13.54
Price, Exercisable at end of period (in dollars per share)	12.00	12.01	11.54
Weighted average fair value per option granted (in dollars per share)	$ 10.18	$ 6.98	$ 9.93
Stock-based compensation, additional disclosures [Abstract]
Expiration period	10 years
Stock Incentive Plan [Member]
Stock-based compensation, additional disclosures [Abstract]
Shares available for future grants (in shares)	7,400
Minimum [Member] | Stock Options [Member]
Stock-based compensation, additional disclosures [Abstract]
Vesting period	2 years
Maximum [Member] | Stock Options [Member]
Stock-based compensation, additional disclosures [Abstract]
Vesting period	5 years

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STOCK-BASED COMPENSATION (Exercise price range) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2017 $ / shares shares
$2.75-$4.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit (in dollars per share)	$ 2.75
Upper range limit (in dollars per share)	$ 4.99
Outstanding (in shares) | shares	1,713
Outstanding, weighted average remaining contractual life (in years)	1 year 2 months
Outstanding, weighted average exercise price (in dollars per share)	$ 2.82
Exercisable (in shares) | shares	1,713
Exercisable, weighted average remaining contractual life (in years)	1 year 2 months
Exercisable, weighted average exercise price (in dollars per share)	$ 2.82
$5.00-$9.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit (in dollars per share)	5.00
Upper range limit (in dollars per share)	$ 9.99
Outstanding (in shares) | shares	4,455
Outstanding, weighted average remaining contractual life (in years)	4 years 9 months
Outstanding, weighted average exercise price (in dollars per share)	$ 8.81
Exercisable (in shares) | shares	4,455
Exercisable, weighted average remaining contractual life (in years)	4 years 9 months
Exercisable, weighted average exercise price (in dollars per share)	$ 8.81
$10.00-$14.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit (in dollars per share)	10.00
Upper range limit (in dollars per share)	$ 14.99
Outstanding (in shares) | shares	2,540
Outstanding, weighted average remaining contractual life (in years)	3 years 4 months
Outstanding, weighted average exercise price (in dollars per share)	$ 11.34
Exercisable (in shares) | shares	2,540
Exercisable, weighted average remaining contractual life (in years)	3 years 4 months
Exercisable, weighted average exercise price (in dollars per share)	$ 11.34
$15.00-$19.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit (in dollars per share)	15.00
Upper range limit (in dollars per share)	$ 19.99
Outstanding (in shares) | shares	1,269
Outstanding, weighted average remaining contractual life (in years)	7 years
Outstanding, weighted average exercise price (in dollars per share)	$ 19.04
Exercisable (in shares) | shares	745
Exercisable, weighted average remaining contractual life (in years)	6 years 2 months
Exercisable, weighted average exercise price (in dollars per share)	$ 18.82
$20.00-$24.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit (in dollars per share)	20.00
Upper range limit (in dollars per share)	$ 24.99
Outstanding (in shares) | shares	1,842
Outstanding, weighted average remaining contractual life (in years)	6 years 2 months
Outstanding, weighted average exercise price (in dollars per share)	$ 21.15
Exercisable (in shares) | shares	1,467
Exercisable, weighted average remaining contractual life (in years)	6 years 1 month
Exercisable, weighted average exercise price (in dollars per share)	$ 21.15
$25.00-$29.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit (in dollars per share)	25.00
Upper range limit (in dollars per share)	$ 29.99
Outstanding (in shares) | shares	2,061
Outstanding, weighted average remaining contractual life (in years)	7 years 11 months
Outstanding, weighted average exercise price (in dollars per share)	$ 26.77
Exercisable (in shares) | shares	986
Exercisable, weighted average remaining contractual life (in years)	7 years 1 month
Exercisable, weighted average exercise price (in dollars per share)	$ 25.35
$30.00 - $44.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding (in shares) | shares	359
Outstanding, weighted average remaining contractual life (in years)	9 years 11 months
Outstanding, weighted average exercise price (in dollars per share)	$ 43.50
Exercisable (in shares) | shares	0
Exercisable, weighted average remaining contractual life (in years)	0 years
Exercisable, weighted average exercise price (in dollars per share)	$ 0.00

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STOCK-BASED COMPENSATION (Restricted Stock Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair market value of the shares issued upon vesting	$ 11.5	$ 10.5	$ 11.2
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted	1,132	751	456
Shares that will begin to vest on achieving minimum performance targets (in shares)	1,607	1,080	861	1,171
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Non-Market Based or Performance Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted	900	400	300
Non-Market Based or Performance Based Restricted Stock Awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year	1 year	1 year
Non-Market Based or Performance Based Restricted Stock Awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years	4 years	4 years
Restricted Stock Performance Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years	2 years
Restricted shares granted	200	400	200
Shares that will begin to vest on achieving minimum performance targets (in shares)	200
Restricted Stock Performance Based Awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock Performance Based Awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years

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STOCK-BASED COMPENSATION (Restricted Stock Awards) (Details) - Restricted Stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary of restricted stock [Roll Forward]
Unvested at beginning of period (in shares)	1,080	861	1,171
Granted (in shares)	1,132	751	456
Forfeited (in shares)	(82)	(50)	(6)
Vested (in shares)	(523)	(482)	(760)
Unvested at end of period (in shares)	1,607	1,080	861
Summary of restricted stock awards, additional disclosures [Abstract]
Price, Unvested at beginning of period (in dollars per share)	$ 21.67	$ 22.67	$ 16.18
Price, Granted (in dollars per share)	35.97	20.65	26.11
Price, Forfeited (in dollars per share)	22.96	21.63	10.02
Price, Vested (in dollars per share)	21.89	21.73	14.74
Price, Unvested at end of period (in dollars per share)	$ 31.79	$ 21.67	$ 22.67

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STOCK-BASED COMPENSATION (Deferred Stock) (Details) - Market Based Stock Award [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2015
Summary of Deferred Stock [Roll Forward]
Unvested at beginning of period (in shares)	0
Granted (in shares)	2,500
Forfeited (in shares)	0
Vested (in shares)	0
Unvested at end of period (in shares)	2,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Price, Unvested at beginning of period (in dollars per share)	$ 0
Price, Granted (in dollars per share)	26.69
Price, Forfeited (in dollars per share)	0
Price, Vested (in dollars per share)	0
Price, Unvested at end of period (in dollars per share)	$ 26.69
Deferred stock awards requiring the achievement of minimum market conditions	$ 2.5
Vesting period		5 years

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OTHER INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
The following details the components of “Other current assets”:
Cash held in escrow	$ 6,628	$ 2,983
Inventory	17,467	15,114
Other	31,308	31,677
Total other current assets	55,403	49,774
The following details the components of “Other long-term assets”:
Long-term advances	359,528	208,977
Investments in nonconsolidated affiliates	105,271	82,032
Other	147,909	120,285
Total other long-term assets	612,708	411,294
The following details the components of “Accrued expenses”:
Accrued compensation and benefits	233,459	192,167
Accrued event expenses	247,380	192,599
Accrued insurance	97,606	65,941
Accrued legal	129,882	22,904
Collections on behalf of others	48,099	31,233
Other	352,820	276,650
Total accrued expenses	1,109,246	781,494
The following details the components of “Other current liabilities”:
Contingent and deferred purchase consideration	143,809	23,301
Other	16,829	15,754
Total other current liabilities	160,638	39,055
The following details the components of “Other long-term liabilities”:
Deferred revenue	9,569	5,506
Contingent and deferred purchase consideration	41,946	46,228
Other	122,876	98,057
Total other long-term liabilities	$ 174,391	$ 149,791

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SEGMENT DATA Segment Results Of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Revenue	$ 2,546,156	$ 3,559,418	$ 2,818,693	$ 1,413,181	$ 1,797,544	$ 3,170,416	$ 2,179,258	$ 1,207,716	$ 10,337,448	$ 8,354,934	$ 7,245,731
Direct operating expenses									7,748,791	6,082,708	5,196,473
Selling, general and administrative expenses									1,907,723	1,548,450	1,411,855
Depreciation and amortization									455,534	403,651	397,241
Loss (gain) on disposal of operating assets									(969)	124	845
Corporate expenses									134,972	125,061	107,945
Operating income (loss)	$ (202,017)	$ 201,347	$ 113,433	$ (21,366)	$ (37,215)	$ 191,286	$ 74,159	$ (33,290)	91,397	194,940	131,372
Capital expenditures									247,894	189,604	145,147
Operating Segments [Member] | Concerts [Member]
Segment Reporting Information [Line Items]
Revenue									7,892,076	6,283,521	5,382,965
Direct operating expenses									6,641,071	5,202,097	4,450,517
Selling, general and administrative expenses									1,119,335	950,060	863,516
Depreciation and amortization									226,315	194,715	201,775
Loss (gain) on disposal of operating assets									(1,056)	(61)	645
Corporate expenses									0	0	0
Operating income (loss)									(93,589)	(63,290)	(133,488)
Capital expenditures									109,801	87,306	41,977
Operating Segments [Member] | Sponsorship & Advertising [Member]
Segment Reporting Information [Line Items]
Revenue									445,148	377,618	333,726
Direct operating expenses									78,725	60,218	47,760
Selling, general and administrative expenses									87,268	71,089	57,681
Depreciation and amortization									27,669	18,206	9,932
Loss (gain) on disposal of operating assets									0	0	0
Corporate expenses									0	0	0
Operating income (loss)									251,486	228,105	218,353
Capital expenditures									6,701	2,161	4,836
Operating Segments [Member] | Ticketing [Member]
Segment Reporting Information [Line Items]
Revenue									2,143,800	1,827,930	1,639,564
Direct operating expenses									1,170,121	956,956	808,697
Selling, general and administrative expenses									681,948	510,490	488,483
Depreciation and amortization									200,777	185,925	184,129
Loss (gain) on disposal of operating assets									49	68	26
Corporate expenses									0	0	0
Operating income (loss)									90,905	174,491	158,229
Capital expenditures									105,317	91,285	93,323
Operating Segments [Member] | Other [Member]
Segment Reporting Information [Line Items]
Revenue									21,012	7,978	3,176
Direct operating expenses									18,746	2,902	1,068
Selling, general and administrative expenses									19,172	16,811	2,175
Depreciation and amortization									432	2,940	46
Loss (gain) on disposal of operating assets									0	0	0
Corporate expenses									0	0	0
Operating income (loss)									(17,338)	(14,675)	(113)
Capital expenditures									149	1,028	0
Operating Segments [Member] | Corporate [Member]
Segment Reporting Information [Line Items]
Revenue									0	0	0
Direct operating expenses									0	0	0
Selling, general and administrative expenses									0	0	0
Depreciation and amortization									5,057	4,433	3,490
Loss (gain) on disposal of operating assets									38	117	174
Corporate expenses									134,972	125,141	107,945
Operating income (loss)									(140,067)	(129,691)	(111,609)
Capital expenditures									25,926	7,824	5,011
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue									(164,588)	(142,113)	(113,700)
Direct operating expenses									(159,872)	(139,465)	(111,569)
Selling, general and administrative expenses									0	0	0
Depreciation and amortization									(4,716)	(2,568)	(2,131)
Loss (gain) on disposal of operating assets									0	0	0
Corporate expenses									0	(80)	0
Operating income (loss)									0	0	0
Capital expenditures									0	0	0
Intersegment Eliminations [Member] | Concerts [Member]
Segment Reporting Information [Line Items]
Revenue									148,125	133,505	104,571
Intersegment Eliminations [Member] | Sponsorship & Advertising [Member]
Segment Reporting Information [Line Items]
Revenue									0	0	0
Intersegment Eliminations [Member] | Ticketing [Member]
Segment Reporting Information [Line Items]
Revenue									16,463	8,528	9,129
Intersegment Eliminations [Member] | Other [Member]
Segment Reporting Information [Line Items]
Revenue									0	80	0
Intersegment Eliminations [Member] | Corporate [Member]
Segment Reporting Information [Line Items]
Revenue									$ 0	$ 0	$ 0

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SEGMENT DATA Geographical Region Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Concentration Risk [Line Items]
Revenue	$ 2,546,156	$ 3,559,418	$ 2,818,693	$ 1,413,181	$ 1,797,544	$ 3,170,416	$ 2,179,258	$ 1,207,716	$ 10,337,448	$ 8,354,934	$ 7,245,731
Long-lived assets	885,936				751,536				885,936	751,536	731,282
Total Foreign Operations [Member]
Concentration Risk [Line Items]
Revenue									3,564,498	2,566,047	2,207,455
Long-lived assets	201,724				174,160				201,724	174,160	200,711
United Kingdom Operations [Member]
Concentration Risk [Line Items]
Revenue									785,174	683,464	672,826
Long-lived assets	74,551				69,380				74,551	69,380	74,517
Other Foreign Operations [Member]
Concentration Risk [Line Items]
Revenue									2,779,324	1,882,583	1,534,629
Long-lived assets	127,173				104,780				127,173	104,780	126,194
Total Domestic Operations [Member]
Concentration Risk [Line Items]
Revenue									6,772,950	5,788,887	5,038,276
Long-lived assets	$ 684,212				$ 577,376				$ 684,212	$ 577,376	$ 530,571
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage									0.00%	0.00%	0.00%

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QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 2,546,156	$ 3,559,418	$ 2,818,693	$ 1,413,181	$ 1,797,544	$ 3,170,416	$ 2,179,258	$ 1,207,716	$ 10,337,448	$ 8,354,934	$ 7,245,731
Operating income (loss)	(202,017)	201,347	113,433	(21,366)	(37,215)	191,286	74,159	(33,290)	91,397	194,940	131,372
Net income (loss)	(173,781)	148,770	80,555	(47,770)	(92,971)	132,761	36,461	(55,954)	7,774	20,297	(15,769)
Net income (loss) attributable to common stockholders of Live Nation	$ (190,893)	$ 136,393	$ 81,478	$ (32,993)	$ (101,360)	$ 111,079	$ 37,741	$ (44,518)	$ (6,015)	$ 2,942	$ (32,508)
Basic net income (loss) per common share available to common stockholders of Live Nation (in dollars per share)	$ (1.12)	$ 0.56	$ 0.31	$ (0.22)	$ (0.58)	$ 0.51	$ 0.13	$ (0.29)
Diluted net income (loss) per common share available to common stockholders of Live Nation (in dollars per share)	$ (1.12)	$ 0.53	$ 0.29	$ (0.22)	$ (0.58)	$ 0.49	$ 0.13	$ (0.29)

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QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Narrative) (Details) - USD ($)	3 Months Ended							12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Accrual for costs of litigation settlement	$ 110,000,000
Goodwill impairment	20,000,000							$ 20,000,000	$ 0	$ 0
United States tax reform rate change	(55,685,000)							(55,685,000)	0	0
Net foreign exchange currency losses	$ (4,200,000)	$ 4,400,000	$ 2,700,000	$ (8,000,000)	$ (1,900,000)	$ (6,600,000)	$ 7,800,000	3,100,000	(8,800,000)	(35,300,000)
Impairment charge, investments in nonconsolidated affiliates					$ 15,100,000				16,455,000
Loss on extinguishment of debt				$ (14,049,000)				$ (1,048,000)	$ (14,049,000)	$ 0

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SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts [Member]
Valuation allowances and reserves [Roll Forward]
Balance at Beginning of Period		$ 29,634	$ 17,168	$ 17,489
Charges of Costs, Expenses and Other		16,664	16,699	19,525
Write-off of Accounts Receivable		(14,846)	(3,927)	(18,703)
Other	[1]	1,303	(306)	(1,143)
Balance at End of Period		32,755	29,634	17,168
Deferred Tax Asset Valuation Allowance [Member]
Valuation allowances and reserves [Roll Forward]
Balance at Beginning of Period		681,566	658,104	593,305
Charges of Costs, Expenses and Other		18,067	11,820	7,116
Deletions		0	0	0
Other	[2]	(103,196)	11,642	57,683
Balance at End of Period		$ 596,437	$ 681,566	$ 658,104

[1] Foreign currency adjustments and acquisitions.

[2] During 2017, 2016 and 2015, the valuation allowance was adjusted for acquisitions, divestitures and foreign currency adjustments.