Live Nation Entertainment Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

LONG-LIVED ASSETS

LONG-LIVED ASSETS

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Property, Plant, and Equipment and Intangible Assets

LONG-LIVED ASSETS, INTANGIBLES, AND GOODWILL

Property, Plant and Equipment, Net

Property, plant and equipment includes expenditures for 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 along with the renewal and improvement of existing venues and technology systems, web development and administrative offices.

Property, plant and equipment, net consisted of the following:


	March 31, 2025		December 31, 2024
	(in thousands)
Land, buildings and improvements	$	2,482,152	$	2,325,929
Computer equipment and capitalized software	927,670		867,294
Furniture and other equipment	783,865		757,803
Construction in progress	487,754		386,880
Property, plant and equipment, gross	4,681,441		4,337,906
Less: accumulated depreciation	1,993,681		1,896,034
Property, plant and equipment, net	$	2,687,760	$	2,441,872

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 three months ended March 31, 2025:


	Revenue- generating contracts		Client / vendor relationships		Venue management		Trademarks and naming rights		Technology and other (1)		Total
	(in thousands)
Balance as of December 31, 2024:
Gross carrying amount	$	819,594	$	567,572	$	231,180	$	162,488	$	26,237	$	1,807,071
Accumulated amortization	(339,298)		(286,381)		(76,945)		(104,968)		(13,667)		(821,259)
Net	480,296		281,191		154,235		57,520		12,570		985,812
Gross carrying amount:
Acquisitions and additions—current year	3,624		84,423		1,217		1,677		268		91,209


Foreign exchange	13,205		2,491		1,415		1,494		232		18,837
Other (2)	(13,955)		(14,052)		(11,015)		(23,886)		11,265		(51,643)
Net change	2,874		72,862		(8,383)		(20,715)		11,765		58,403
Accumulated amortization:
Amortization	(24,953)		(20,744)		(7,157)		(4,646)		(2,493)		(59,993)

Foreign exchange	(5,797)		(976)		(604)		(635)		(68)		(8,080)
Other (2)	13,997		13,850		11,045		23,890		85		62,867
Net change	(16,753)		(7,870)		3,284		18,609		(2,476)		(5,206)
Balance as of March 31, 2025:
Gross carrying amount	822,468		640,434		222,797		141,773		38,002		1,865,474
Accumulated amortization	(356,051)		(294,251)		(73,661)		(86,359)		(16,143)		(826,465)
Net	$	466,417	$	346,183	$	149,136	$	55,414	$	21,859	$	1,039,009

__________________

(1) Other primarily includes crypto assets and intangible assets for non-compete agreements.

(2) Other primarily includes netdowns of fully amortized or impaired assets as well as mark-to-market adjustments of crypto assets.

Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisition of an artist management business located in Latin America.

The 2025 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows:


			Weighted-Average Life (years)
Revenue-generating contracts			3
Client/vendor relationships			10


Venue management			3


All categories			9

Amortization of definite-lived intangible assets for the three months ended March 31, 2025 and 2024 was $60.0 million and $62.0 million, respectively. As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary.

Goodwill

The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the three months ended March 31, 2025:


	Concerts		Ticketing		Sponsorship & Advertising		Total
	(in thousands)
Balance as of December 31, 2024:
Goodwill	$	1,462,102	$	964,221	$	629,951	$	3,056,274
Accumulated impairment losses	(435,363)		—		—		(435,363)
Net	1,026,739		964,221		629,951		2,620,911

Acquisitions—current year	55,549		—		—		55,549
Acquisitions—prior year	(298)		—		—		(298)


Foreign exchange	11,920		6,263		8,787		26,970

Balance as of March 31, 2025:
Goodwill	1,529,273		970,484		638,738		3,138,495
Accumulated impairment losses	(435,363)		—		—		(435,363)
Net	$	1,093,910	$	970,484	$	638,738	$	2,703,132

Included in the current year acquisitions amounts above are goodwill primarily associated with the acquisitions of an artist management business located in Latin America and a venue management business located in Europe.

We are in various stages of finalizing our acquisition accounting for recent acquisitions, which may 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 our allocation between segments.

Investments in Nonconsolidated Affiliates

At March 31, 2025 and December 31, 2024, we had investments in nonconsolidated affiliates of $493.6 million and $504.2 million, respectively, included in other long-term assets on our consolidated balance sheets.