Wal-Mart, Live Nation in Pact to Sell Event Tickets
(Bloomberg) — Wal-Mart Stores Inc., the world’s largest retailer, reached an agreement with Live Nation Entertainment Inc. to sell tickets to concerts and other events at about 500 stores.
Wal-Mart and Live Nation’s Ticketmaster will introduce the service in the next few months in cities including Chicago and Los Angeles, according to excerpts of remarks Live Nation Executive Chairman Irving Azoff made today in Dallas.
With the closing of record stores such as Tower Records, Ticketmaster lost retail outlets for event sales. The new accord will let Wal-Mart shoppers buy tickets for concerts, sports and other events at cash registers in the retailer’s entertainment department, Azoff said. Live Nation also sells tickets at Blockbuster Inc. stores.
Wal-Mart has refurbished its consumer electronics departments in recent years, adding more flat-panel televisions, laptop computers, game players and Apple Inc. gadgets such as the iPhone. The retailer has struck exclusive music CD deals with Kiss, the Eagles and other groups to draw customers.
Wal-Mart, based in Bentonville, Arkansas, fell 18 cents to $52.90 at 4:03 p.m. in New York Stock Exchange composite trading. Beverly Hills, California-based Live Nation, which merged with Ticketmaster last month, rose 34 cents to $11.92.
Melissa O’Brien, a Wal-Mart spokeswoman, confirmed the agreement in an e-mailed statement.