Concessions to the Department of Justice cost Live Nation about $118 million in annual revenue, according to pro-forma financial statements released by Live Nation. The documents depict the new company as if both companies merged at the beginning of 2009. Live Nation and Ticketmaster agreed to certain concessions to get approval for their merger, which was finalized in January.

As part of the concessions, Live Nation agreed to sell its Paciolan ticketing division and license its ticketing platform to Anschutz Entertainment Group (AEG). According to the statements, Paciolan - which was acquired by Comcast-Spectator in March - contributed $40.8 million in 2009. In addition, changes to Ticketmaster’s contract with AEG carries with it a value of $77.6 million in annual revenue.

With adjustments, a combined Live Nation would have had revenues of $5.52 billion in 2009.

In earlier statements, Live Nation said it expects to achieve $40 million in annual cost synergies. Even with those savings, it expects adjusted operating income to be flat or slightly down in 2010.

Pro-forma financial statements are a hypothetical version of two companies financial statements as if they were a merged company at the beginning of a reporting year. Here, Live Nation and Ticketmaster have presented their 2009 earnings as if they were actually a combined entity on January 1, 2009.

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