Variety is reporting this afternoon that giant concert promoter Live Nation will not be renewing its deal with Ticketmaster, a huge blow for the West Hollywood-based ticket service (it relied on Live Nation for up to 20 percent of its business last year). Talks between the two companies have broken down - not a huge surprise to those in the concert promotion biz. (LABO). In an internal memo cited by the trade paper, Ticketmaster said it is "doubtful" the agreement will be extended. "We believe we've taken every reasonable step possible to facilitate a renewal, but they seem intent on a direction for their business that leaves us no viable way to work together," the memo says. Ticketmaster is part of IAC/Interactive, the crazy-quilt retail/media company that’s run by Barry Diller. Here's more:

Live Nation owns, operates, books and/or has an equity interest in more than 160 venues, promoting about 26,000 events in 18 countries and selling nearly 60 million tickets last year. Los Angeles properties include the Wiltern, Avalon, Home Depot Center and the House of Blues. Live Nation, which would not comment on the talks, has been creeping into the ticketing biz, first by offering exclusive packages via the company's website and, beginning last week, through the introduction of widget software that allows music fans to more easily search and buy concert tickets.