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

Quarterly report [Sections 13 or 15(d)]

LONG-LIVED ASSETS

LONG-LIVED ASSETS

6 Months Ended

Jun. 30, 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. For certain projects with significant expected costs and an extended construction period, we capitalize interest. For the six months ended June 30, 2025, we recorded $6.4 million of capitalized interest.

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


	June 30, 2025		December 31, 2024
	(in thousands)
Land, buildings and improvements	$	2,596,876	$	2,325,929
Computer equipment and capitalized software	986,083		867,294
Furniture and other equipment	840,693		757,803
Construction in progress	634,531		386,880
Property, plant and equipment, gross	5,058,183		4,337,906
Less: accumulated depreciation	2,108,890		1,896,034
Property, plant and equipment, net	$	2,949,293	$	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 six months ended June 30, 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	26,123		150,573		7,729		1,677		657		186,759


Foreign exchange	55,805		19,165		6,287		6,175		669		88,101
Other (2)	(113,722)		(39,152)		(12,760)		(63,794)		10,729		(218,699)
Net change	(31,794)		130,586		1,256		(55,942)		12,055		56,161
Accumulated amortization:
Amortization	(48,830)		(47,094)		(15,629)		(8,210)		(4,913)		(124,676)

Foreign exchange	(21,983)		(8,153)		(2,517)		(2,396)		(261)		(35,310)
Other (2)	94,088		38,950		12,822		63,862		(12)		209,710
Net change	23,275		(16,297)		(5,324)		53,256		(5,186)		49,724
Balance as of June 30, 2025:
Gross carrying amount	787,800		698,158		232,436		106,546		38,292		1,863,232
Accumulated amortization	(316,023)		(302,678)		(82,269)		(51,712)		(18,853)		(771,535)
Net	$	471,777	$	395,480	$	150,167	$	54,834	$	19,439	$	1,091,697

__________________

(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 acquisitions of an artist management business and a concert promotion business, both located in Latin America, as well as a festival promotion business located in Europe.

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


			Weighted-Average Life (years)
Revenue-generating contracts			6
Client/vendor relationships			7
Trademarks and naming rights			5

Venue management			5


All categories			7

Amortization of definite-lived intangible assets for the three months ended June 30, 2025 and 2024 was $64.7 million and $61.7 million, respectively, and for the six months ended June 30, 2025 and 2024 was $124.7 million and $123.7 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 six months ended June 30, 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	107,977		830		—		108,807
Acquisitions—prior year	(274)		—		—		(274)


Foreign exchange	32,904		30,870		27,700		91,474
Balance as of June 30, 2025:
Goodwill	1,602,709		995,921		657,651		3,256,281
Accumulated impairment losses	(435,363)		—		—		(435,363)
Net	$	1,167,346	$	995,921	$	657,651	$	2,820,918

Included in the current year acquisitions amounts above are goodwill primarily associated with the acquisitions of an artist management business and a concert promotion business, both located in Latin America, as well as a concert and festival promotion 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 June 30, 2025 and December 31, 2024, we had investments in nonconsolidated affiliates of $483.5 million and $504.2 million, respectively, included in other long-term assets on our consolidated balance sheets.