Live Nation Entertainment, Inc. and Lushington Entertainments Pte Ltd. announced that they have formed a joint venture, Live Nation Lushington, to promote live concerts in Hong Kong and Singapore.

Live Nation Entertainment, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, revenue was $923,698,000, operating loss was $33,189,000, loss before income taxes was $60,628,000 and net loss attributable to common stockholders of the company was $63,239,000 or $0.33 per basic and diluted share against revenue of $867,997,000, operating loss of $42,803,000, loss before income taxes of $65,950,000 and net loss attributable to common stockholders of the company of $69,150,000 or $0.37 per basic and diluted share for the same period a year ago. Net cash provided by operating activities was $270,460,000 and purchases of property, plant and equipment was $25,670,000 against net cash provided by operating activities of $264,772,000 and purchases of property, plant and equipment was $28,017,000 a year ago. Adjusted operating income was $52.9 million against $48.2 million a year ago. Total capital expenditures for the quarter were $22 million compared with $23 million a year ago. Despite this cash tax increase, the company currently expects free cash flow to still be at or above last year's level, based on its expected improvements in operations. The company continues to expect that its total capital expenditures for 2013 will be approximately $120 million.

Live Nation Entertainment, Inc. (NYSE:LYV) is close to finalizing a transaction to buy about a 50% stake in Insomniac, Inc. for $50 million, according to people familiar with the matter. Live Nation had been competing over the past year with bidders including SSFX Entertainment Inc. which offered at least $100 million for Insomniac, according to people familiar with the matter. According to Wall Street Journal, Live Nation and Insomniac each declined to comment.