EX-99.1

On January 23, 2008, Live Nation Worldwide, Inc., a controlled subsidiary of Live Nation, Inc. (“Live Nation” or the “Company”), sold all of the stock of (i) Live Nation Theatrical Group, Inc., (ii) Live Nation Family Holdings, Inc., (iii) SFX Theatrical Group, Inc. and (iv) TCN Theatre Group, Inc. (collectively the “Theatrical Business”) as well as certain debt owed to Live Nation by the Theatrical Business to Key Brand Entertainment Inc. and its lenders for a gross sales price of $90.4 million pursuant to a Stock Purchase Agreement. After fees, expenses, an adjustment to replace the show cash of the Theatrical Business that was previously removed from the operations and utilized by the Company and other adjustments, Live Nation received approximately $61.0 million of net proceeds. The assets of the Theatrical Business include the Broadway Across America business, which produces or presents Broadway shows at primarily third-party venues in the United States and Canada, two owned theatrical venues in Toronto, one owned venue and one leased venue in Boston, one managed venue in Baltimore and a 51% interest in three managed venues in Minneapolis. The following unaudited pro forma consolidated financial statements give effect to this transaction.

The unaudited pro forma consolidated balance sheet of Live Nation gives effect to the transaction as if it occurred on September 30, 2007. The unaudited pro forma consolidated statements of operations for the year ended December 31, 2006 and the nine months ended September 30, 2007 give effect to the transaction as if it had occurred on January 1, 2006. The unaudited pro forma consolidated financial information is not intended to represent what Live Nation’s financial position was or results of operations would have been if the disposition had occurred on those dates or to project Live Nation’s financial position or results of operations for any future period.

The unaudited pro forma consolidated financial statements and the accompanying notes thereto should be read in conjunction with, and are qualified by, the historical financial statements and notes thereto of Live Nation. Live Nation’s historical financial statements are included in its Annual Report on Form 10-K for the year ended December 31, 2006 and its Quarterly Report on Form 10-Q for the nine months ended September 30, 2007.


	Historical			Pro Forma				Pro Forma
	Live Nation			Adjustments				Consolidated
	(in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	351,342		$	60,987		(D)	$	388,859
					(23,470	)	(A)
Accounts receivable, less allowance		390,349			(9,990	)	(A)		380,359
Prepaid expenses		204,261			(10,147	)	(A)		194,114
Other current assets		32,426			(5,755	)	(A)		26,671

Total Current Assets		978,378			11,625				990,003
PROPERTY, PLANT AND EQUIPMENT
Land, buildings and improvements		1,034,860			(67,887	)	(A)		966,973
Furniture and other equipment		212,468			(7,713	)	(A)		204,755
Construction in progress		53,330			(764	)	(A)		52,566

		1,300,658			(76,364	)			1,224,294
Less accumulated depreciation		385,968			(17,351	)	(A)		368,617

		914,690			(59,013	)			855,677
INTANGIBLE ASSETS
Intangible assets — net		302,769			(104	)	(A)		302,665
Goodwill		440,318			(2,835	)	(A)		437,483
OTHER ASSETS
Notes receivable, less allowance		1,941			—				1,941
Investments in nonconsolidated affiliates		32,721			—				32,721
Other assets		91,964			(11,412	)	(A)		80,552

Total Assets	$	2,762,781		$	(61,739	)		$	2,701,042

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	84,374		$	(2,357	)	(A)	$	82,017
Accrued expenses		561,886			(35,197	)	(A)		526,689
Deferred revenue		328,767			(51,315	)	(A)		277,452
Current portion of long-term debt		48,465			—				48,465

Total Current Liabilities		1,023,492			(88,869	)			934,623
Long-term debt		724,975			—				724,975
Other long-term liabilities		92,053			(102	)	(A)		91,951
Minority interest liability		63,268			(630	)	(A)		62,638
Series A and Series B redeemable preferred stock		40,000			—				40,000
SHAREHOLDERS’ EQUITY
Common stock		721			—				721
Additional paid-in capital		880,323			—				880,323
Retained deficit		(112,579	)		27,862		(B)		(84,717	)
Accumulated other comprehensive income		50,528			—				50,528

Total Shareholders’ Equity		818,993			27,862				846,855

Total Liabilities and Shareholders’ Equity	$	2,762,781		$	(61,739	)		$	2,701,042

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2006


	Historical			Pro Forma
	Live Nation			Adjustments				Pro Forma Combined
	(in thousands except share and per share data)
Revenue	$	3,711,715		$	(247,253	)	(C)	$	3,464,462
Operating expenses:
Direct operating expenses		2,997,863			(196,544	)	(C)		2,801,319
Selling, general and administrative expenses		530,340			(38,279	)	(C)		492,061
Depreciation and amortization		128,167			(3,362	)	(C)		124,805
Gain on sale of operating assets		(11,640	)		1,637		(C)		(10,003	)
Corporate expenses		33,863			—				33,863

Operating income		33,122			(10,705	)			22,417
Interest expense		37,218			(24	)	(C)		37,194
Interest income		(12,446	)		2,171		(C)		(10,275	)
Equity in earnings of nonconsolidated affiliates		(8,407	)		—				(8,407	)
Minority interest expense		12,209			292		(C)		12,501
Other income — net		(1,220	)		713		(C)		(507	)

Income (loss) before income taxes		5,768			(13,857	)			(8,089	)
Income tax expense:
Current		26,876			(1,804	)	(E)		25,072
Deferred		10,334			—		(E)		10,334

Net loss	$	(31,442	)	$	(12,053	)		$	(43,495	)

Basic and diluted net loss per common share	$	(0.48	)					$	(0.67	)

Basic and diluted weighted average common shares outstanding		64,853,243							64,853,243

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2007


	Historical			Pro Forma
	Live Nation			Adjustments				Pro Forma Combined
	(in thousands except share and per share data)
Revenue	$	3,171,481		$	(144,581	)	(C)	$	3,026,900
Operating expenses:
Direct operating expenses		2,513,870			(105,786	)	(C)		2,408,084
Selling, general and administrative expenses		490,515			(27,265	)	(C)		463,250
Depreciation and amortization		79,684			(1,956	)	(C)		77,728
Gain on sale of operating assets		(20,934	)		87		(C)		(20,847	)
Corporate expenses		30,394			—				30,394

Operating income		77,952			(9,661	)			68,291
Interest expense		45,302			(108	)	(C)		45,194
Interest income		(11,181	)		373		(C)		(10,808	)
Equity in earnings of nonconsolidated affiliates		(3,377	)		—				(3,377	)
Minority interest expense		8,190			472		(C)		8,662
Other income — net		(461	)		(102	)	(C)		(563	)

Income before income taxes		39,479			(10,296	)			29,183
Income tax expense:
Current		22,653			(652	)	(E)		22,001
Deferred		10,400			149		(E)		10,549

Net income (loss)	$	6,426		$	(9,793	)		$	(3,367	)

Net income (loss) per common share:
Basic	$	0.10						$	(0.05	)

Diluted	$	0.09						$	(0.05	)

Weighted average common shares outstanding:
Basic		66,820,837							66,820,837

Diluted		68,779,190							66,820,837

The following unaudited pro forma adjustments give effect to the disposition as if it had occurred as of September 30, 2007 for the unaudited pro forma consolidated balance sheet and as of January 1, 2006 for the unaudited pro forma consolidated statements of operations.

(A)

Adjustment reflects the elimination of the assets and liabilities included in the balance sheet of Live Nation for its interests in the Theatrical Business as of September 30, 2007. The cash and cash equivalents adjustment primarily represents cash received for ticket sales in advance of the event. The adjustment to goodwill includes a write-off of goodwill allocated to the Company’s Global Theater segment. The goodwill write-off was determined using the purchase price as the fair value of the Theatrical Business relative to the estimated fair value of the Global Theater segment.

(B)

Adjustment represents the estimated gain on the disposition as if the transaction occurred as of September 30, 2007.

(C)

Adjustment reflects the elimination of the results of operations of the Theatrical Business for the year ended December 31, 2006 and the nine months ended September 30, 2007.

(D)

Adjustment reflects the proceeds, net of certain adjustments and estimated transaction fees and expenses, from the disposition that were retained to meet operating and investing cash requirements.

(E)

Adjustment represents the tax effects related to the reversal of tax on certain profitable Canadian operations. The pro forma adjustments have no effect on Live Nation’s current or deferred United States income tax expense for the year ended December 31, 2006 and the nine months ended September 30, 2007. For both periods presented, the pro forma adjustments increase Live Nation’s United States tax losses for which no current tax benefit may be recognized. The pro forma adjustments also increase Live Nation’s net deferred tax assets and corresponding valuation allowances by equal amounts, resulting in no net effect on deferred tax expense.