Live Nation posts loss on venue write-downs

Live Nation Inc., the largest U.S. concert promoter, reported a third-quarter loss as the company wrote down the value of some locations.

The net loss of $9.1 million, or 14 cents a share, contrasted with profit of $26.1 million a year earlier, the Beverly Hills-based company said. Sales rose 36% to $1.35 billion.

The company was spun off from Clear Channel Communications Inc. in December. Chief Executive Michael Rapino has sold assets including athlete management businesses to focus on music. He has acquired new venues, a music-related merchandise company and a website targeting music fans to lessen the company’s reliance on low-margin ticket sales.

Live Nation’s operating costs increased 43% to $1.12 billion. The company also had a $42.1-million expense related to the declining value of some sites. Live Nation said it planned to sell some of its smaller venues.

Shares of Live Nation rose 81 cents to $22.63.