Live Nation Reports Strong Quarterly Earnings

Two years ago, the concert industry was shaken by the thought that it was not, as it had long believed, “recession-proof.” After a 15-year run of steadily growing returns, ticket sales in 2010 plunged 15 percent and caused the cancellations of a number of high-profile tours.

For Live Nation Entertainment, the concert and ticketing giant that includes Ticketmaster, earnings have gradually improved since then, and on Monday the company reported strong results for the third quarter, with just less than $2 billion in revenue, up 10 percent from the same period last year. Its net income was $58 million, or 31 cents per share, beating analysts' estimates by 3 cents.

As Michael Rapino, Live Nation's chief executive, suggested in a conference call with investors, the scare of 2010 was more about high ticket prices than people's willingness to see their favorite acts, even when times are tough. Ticket prices, which dropped somewhat in the fallout of the 2010 season, have crept back up again, but there have also been various efforts to lure fans to shows, like discounted ticket programs.

Attendance at Live Nation's concerts around the world was 15.8 million for the quarter, up 1.6 percent compared to the same period last year, and 36.8 million for the year to date, up 3.6 percent. July, August and September are usually the crucial months of the annual concert calendar, when the most big tours are on the road.

Earnings in the third quarter were driven by Live Nation's ticketing and sponsorship divisions. The company, chiefly through Ticketmaster, sold 36 million tickets worth $2.1 billion, generating $82.1 million in adjusted operating income, up 51 percent for the year. (Much of the value of those tickets is typically passed on to performers and other parties.)

Its sponsorship division had $96 million in revenue, generating $74 million in adjusted operating income, which excludes dep reciation, amortization and expenses related to Live Nation's merger with Ticketmaster in early 2010.

For the fourth quarter of 2012, and for next year, Live Nation expects sales to continue to be strong. It believes that ticket sales for the fourth quarter will be up by more than one million from last year, driven by Lady Gaga's and Madonna's tours. Through last month, the company said it had already sold 3 million tickets for events next year, compared to 900,000 by the same point in 2011.

CBS Picks \'Elementary\' for Coveted Spot After Super Bowl

John Paul Filo/CBS On “Elementary,” Jonny Lee Miller plays Det. Sherlock Holmes and Lucy Liu plays Dr. Joan Watson.

CBS will install the drama “Elementary” into the hour after the Super Bowl next February, hoping to provide a springboard for the new series about a contemporary Sherlock Holmes.

The network announced the move Monday, which follows what has been a CBS pattern: using the enormous audience for the game - over 100 million viewers - to lift a new show by exposing it to hordes of viewers.

The last time CBS had the game, it inserted a new reality show, “Underc over Boss,” after the postgame coverage and drove 38.6 million viewers to the new series. “Boss” went on to be a solid hit for its first season, but it has since faded.

Other networks have taken a different tack with the postgame entertainment hour, either looking to maximize revenue or to send a returning series to new heights. Last year, NBC placed “The Voice,” already the network's biggest hit in a decade, after the game and pulled in 37.6 million viewers. “The Voice” remains a top hit.

In the past, NBC used the slot to cash in on existing hits like “Friends” and “The Office,” taking in enormous ad revenue paydays for those comedies.

Other recent shows to inherit the gigantic Super Bowl audience have include “Glee” and “House” on Fox; “Criminal Minds” on CBS; and “Grey's Anatomy” on ABC.

Bill Carter writes about the television industry. Follow @wjcarter on Twitter.

Low-Interest Government Loans to Help With Storm Home Damage

ReutersHomes in Bay Head, N.J., after Hurricane Sandy.

Even if you don't own a business, you may be eligible for a disaster loan from the federal Small Business Administration to help repair damage to your home from Hurricane Sandy.

Odd as it may sound, the S.B.A. administers low-interest loans to homeowners (as well as to businesses and non-profits) in disaster areas. The loans are meant to finance repairs not covered by insurance. Loans of up to $200,000 are available to replace or repair your main home. And both homeowners and renters may be eligible for loans of up to $40,000 for damage or destroyed personal property.

The property must be located in declared disaster county. Vacat ion properties or second homes aren't eligible (but qualified rental properties may be eligible for business-assistance loans).

Interest rates on the loans are as low as 1.688 percent, and the payback period can be as long as 30 years, depending on the borrower's ability to repay, said Jose Vejarano, a spokesman for the S.B.A. Applicants undergo a credit check, and collateral may be required. “We look at the overall picture of each applicant's financial condition,” he said.

Funds received from insurance claims are generally deducted from the loan total, or are used to help repay the disaster loan. But storm victims shouldn't wait for insurance settlements to apply, he said.

Applications can be made in person at a FEMA disaster office, or they can be made online; the Web application process has been revamped to be easier to use, he said.

Applicants must first register with FEMA You can do so online, or by calling FEMA's toll-free Helpline at 800-621-3362.

Tips for applying are available at the S.B.A.'s Web Site. Web site. The agency also provides a list of frequently asked questions.

The deadline for applications is Dec. 31, according to the S.B.A. Web site. After the application is received, a representative of the S.B.A. will inspect the property. The agency aims to process applications within two weeks.

 

You Should Try a Multi-Day Spending Cleanse

Carl Richards

Carl Richards is a certified financial planner in Park City, Utah, and is the director of investor education at The BAM Alliance. His book, “The Behavior Gap,” was published this year. His sketches are archived on the Bucks blog.

Bad habits are tricky. They sneak up on you. Before you know it, you're doing something that you didn't really think about because you do it out of habit.

We do this all the time with money. We spend for all sorts of reasons. It can be as simple as to make us feel better, to fit in with a group or just because we've always gone shopping the day after Thanksgiving.

Sometimes breaking these bad habits takes radical action. It's not enough to have a few conversations with a spouse, a p ersonal coach or a shrink. Some habits require a complete intervention.

I learned about one tactic during a conversation I had with Steve Fellows, a friend of mine in Las Vegas. When I asked him how he keeps his spending habits in check, he walked me through something he and his wife refer to as a spending cleanse.

Every once in a while for several days, sometimes as long as two or three weeks, they try to avoid spending money. He rides his bike to work, they avoid eating out (including lunches) and pass on any travel or movies.

It's hard, but he says that it has the powerful effect of helping you get clear about how you want to spend your money and time compared to what you might be doing just out of habit.

This approach is a bit on the extreme side, but sometimes an extreme exercises can be a powerful way to provide perspective. It can be a way to shock you out of a rut you may have been in without even knowing it.

Try it! Try going for a few days, maybe longer, without spending any money at all.

What about food? Go out Saturday and shop for a week in advance.

What about bills? Plan to pay them a day or two before you start and the day after you end.

What about trips? Don't go on any.

What about entertainment? This one can be interesting. Instead of going to the movies, go for a walk. Read a book. Go fishing. Ride a bike. Have a conversation. Draw a picture. There are plenty of things to do that won't require money. Those of you who lost power in the last week have probably learned a bit about this already.

Your goal is to prepare yourself to go for several days, even longer if you can manage it, without spending a dime. I have managed to do it for a few days previously, but I'm planning to try it again myself when I wrap up some travel in November.

Is it hard? Yes. But it will be worth it.

It will be worth it to see where we're spending money out of habit.

It will be worth it to see if this changes how we think about money.

It will be worth it to see if it can stop some of our worst money habits, perhaps ones we haven't even recognized yet.

Most of all, it's a personal financial challenge that ultimately doesn't cost us anything but can pay huge dividends. Once we're really clear about why we spend, it can be the difference that determines whether we'll reach our financial goals.

Isn't that worth a few days of zero spending?

 

As Clock Winds Down, Obama and Romney Agree to \'Monday Night Football\' Interviews

The last couple of national media interviews for the two presidential candidates will take place during one of the few events that still unites much of the country: a football game.

President Obama and Mitt Romney will appear at halftime of the “Monday Night Football” game in New Orleans between the Philadelphia Eagles and the New Orleans Saints. They will answer questions - presumably somewhat more oriented to the world of sports than to Libya or auto bailouts - from the ESPN studio host, Chris Berman.

It is becoming something of a tradition the night before the election: four years ago Mr. Obama and John McCain also appeared at halftime on “Monday Night Football.”

Mr. Obama has made numerous appearances on national television in the campaign's waning weeks, answering questions from Jon Stewart on Comedy Central's “Daily Show,” Jay Leno on NBC's “Tonight” show and Brian Williams on NBC News.

Mr. Romney meanwhile has turned down ever y national media interview for many weeks.

Bill Carter writes about the television industry. Follow @wjcarter on Twitter.

Former Spin Editor to Run BuzzFeed\'s Long-Form Coverage

The Web site BuzzFeed gets plenty of attention for its news aggregation, political coverage and pop-culture catnip like “Proof That ‘Gangnam Style' Is Really Just Illuminati Propaganda” and “7 Photos of Syrian Rebels Hanging Out With Cats.”

But it has also been steadily building its cultural coverage, and the site expanded that staff on Monday with the appointment of a former editor of Spin magazine, Steve Kandell, to oversee its move into long-form journalism.

Mr. Kandell, who was Spin's editor until its most recent sweeping of the ranks in July, will join a growing team of journalists at BuzzFeed who were hired from other well-known publications. Last December, the site brought in Ben Smith of Politico as its editor, and has hired Doree Shafrir from Rolling Stone and the music writer Matthew Perpetua.

Mr. Kandell said in BuzzFeed's announcement, which appeared as a blog post on the site: “Even though print itself is becoming less prevalent, the conversation-provoking long-form journalism and profiles that have long been a staple of magazines are as vital as they've ever been, and I'm thrilled to help make this kind of writing a working part of the social web at BuzzFeed.”

BuzzFeed, which was founded in 2006, has collaborated with The Times on video coverage of 2012 campaign.

The Breakfast Meeting: Restraint on Election Day, and Revenge Against Amazon

Executives at the TV networks and other news gathering operations said they were committed to holding off proclaiming a winner in the presidential election on Tuesday until they were confident of a winner, Brian Stelter reported. The promised restraint shows that the networks are fully aware that Web sites and individuals on social media services like Twitter and Facebook undoubtedly would be sharing results as soon as they come in, rushing to call the race.

• The support for Mitt Romney from the influential conservative radio and online host Glenn Beck has taken a special form, Amy Chozick writes. Mr. Beck, who is Mormon like Mr. Romney, has attempted to be a bridge between the candidate and the evangelic Christians in his audience. There is a long history of skepticism among evangelicals about Mormonism, and Mr. Beck engaged those concerns directly during special one-hour show. Its title: “Does Mitt Romney's Mormonism make him too scary or weird to be elected to president of the United States?” Mr. Beck's answer at the end: “It's not weird to be a Mormon, and it's not weird to be president if you're Mormon.”

While American newspapers have come to accept the way Google News operates - creating a page of headlines and summaries (as well as links) to articles created by news publications - the fight from publishers overseas continues, David Carr writes. There is a large boycott of Google News under way in Brazil, legislation aimed at Google in Germany, and perhaps similar legislation in France. In an interview, Eric E. Schmidt, the executive chairman of Google, described the company's view: “Whenever you are dealing with government, you want to be very clear about what you will do and will not do. And we don't want to pay for content that we do not host. We are very clear on that.”

• Google's dominant position in search has lately drawn the attention of regulators in the United States and Europe, who a re questioning whether the company exploits its size to stifle competition. For many small Web sites, Steve Lohr and Claire Cain Miller write, the search engine is the sun their businesses revolve around - they watch each day to see that it rises same as before. If it doesn't - if somehow the rankings suddenly change - the small Web site can wither away.

“The 4-Hour Chef” by Timothy Ferriss, who has become a best-selling author by offering a path to success without trying too hard, is getting the cold shoulder from bricks-and-mortar booksellers, David Streitfeld reports. Mr. Ferriss was a big signing by Amazon's publishing unit, and it is his connection to Amazon that is hurting his cause among booksellers. Barnes & Noble won't sell Amazon books; many independent bookstores say they feel betrayed by Mr. Ferriss. “We don't think it's in our best interests to do business with Amazon,” said Bill Petrocelli, co-owner of Book Passage, a large store in suburban Marin County, Calif.

The seemingly arcane question of what royalties are paid to stream music digitally is again being considered by Congress, Ben Sisario writes, with potentially great meaning for how the public listens to music. At issue is the lower rate charged to satellite radio outlets like Sirius XM when compared to streaming music sites like Pandora. To Pandora, which pays more than half of its revenues in royalties, the system is unfairly rigged against it. To musicians and the record labels, the outlier is the rate charged to satellite radio, which they argue should be lifted to match Pandora's.

Mark Thompson, who next Monday is set to become president and chief executive of The New York Times Company, navigated eight years atop the British Broadcasting Company, Matthew Purdy writes, only to have a scandal involving Jimmy Savile cast a shadow over his tenure there. Late last year, the BBC show “Newsnight” decided not to pursue an investigation of a ccusations of child sexual abuse against Mr. Savile - an investigation Mr. Thompson said he knew nothing about before it was canceled by the editor of the show.

Mr. Purdy writes:

Interviews with former BBC executives and officials here in London show that in the months after the investigation was canceled, Mr. Thompson and his top executives repeatedly missed opportunities to pursue a fuller picture of the “Newsnight” reporting, the fate of the program and, perhaps, of Mr. Savile.

 

Noam Cohen edits and writes for the Media Decoder blog. Follow @noamcohen on Twitter.

Monday Reading: The Risks of Buying on the Waterfront

A variety of consumer-focused articles appears daily in The New York Times and on our blogs. Each weekday morning, we gather them together here so you can quickly scan the news that could hit you in your wallet.

•  A slow return to normal skips the gas station. (National)
• Making babies, to make ends meet. (Sunday Review)
• Single for the holidays. (Travel)
• Apps for last-minute hotel rooms. (Travel)
• How do you raise a prodigy? (Magazine)
• Would you buy on the waterfront? (Real Estate)
• Borrowing to build your own home. (Real Estate)
• Learning by phone. (Education Life)
• Tips from a professional cheater. (Education Life)
• Second illness infects those struck by meningitis. (National)
• Cellphone users steaming over hit-or-miss service after the storm. (Business)
• California city takes on “Big Soda.” (National)
• Storm-battered supply chain threatens holiday shopping. (Busi ness)
• Runners help storm-stricken New Yorkers. (Sports)
• The slide in wages. (Economix)
• Beware storm-flooded cars on the market. (Wheels)
• Owners of electric cars unfazed by storm. (Wheels)
• Turning off Kindle's Special Offers. (Gadgetwise)
• Apps to help find movie times. (Gadgetwise)
• Embracing children for who they are. (Well)
• Easing the mental fallout from Hurricane Sandy. (Well)
• The importance of carbon monoxide detectors. (Motherlode)