Concert promoter Live Nation said it has won an arbitration ruling over CTS Eventim, a German ticket-selling technology provider that was seeking nearly $900 million in damages because Live Nation terminated its contract after merging with Ticketmaster in January 2010.
Live Nation said that the International Court of Arbitration of the International Chamber of Commerce ruled that it had validly terminated the ticketing software license agreement with CTS in June 2010.
Live Nation argued CTS failed to provide ticketing platforms that met the standard of their deal.
Live Nation CEO Michael Rapino said the company was pleased but not surprised by the ruling.
Live Nation shares surged nearly 17 percent to close at $16.17 in trading yesterday.