Live Nations Settles With US Over Antitrust Probe
Live Entertainment Inc., known as "The Ticketmaster Company," settled its antitrust lawsuit on March 9th by agreeing to pay approximately $280 million and divest from thirteen amphitheaters across thirty-nine U.S. states, while also capping service fees at no more than fifteen percent of the ticket price in exchange for avoiding a breakup order that would have split up Live Nation Entertainment Inc., which was accused on March 9th by federal prosecutors as operating an illegal monopoly over live entertainment venues and concert tickets sold through Ticketmaster's platform.
Key Points
-
1Live Nation Entertainment has agreed with the U.S. Department of Justice on a tentative settlement in its federal antitrust lawsuit.
-
2The company must pay approximately $280 million (or around 39 states) as damages to resolve allegations regarding monopoly practices and ticket pricing fees.
Developments
Perspectives
Live Nation has reached a tentative settlement with the US Department of Justice in its antitrust lawsuit regarding ticket sales and concert organization.
— [Mar 09, 21:42] Live Nation settles with Department of Justice in anti-trust lawsuit, but has to make some changes (Nowtoronto)The settlement requires the company to pay approximately $280 million in damages to states participating in the case.
— [Mar 09, 17:54] Live Nation llega a un acuerdo con el Departamento de Justicia de EE. UU. por demanda antimonopolio (Caracol.com.co)As part of the deal, Live Nation must divest from or sell off certain venues and open its Ticketmaster platform to competition.
— [Mar 10, 23:54] Live Nation y Ticketmaster llegan a acuerdo en el caso antimonopolio con el Departamento de Justicia de EU (Expansion.mx)The agreement allows the company to avoid being broken up entirely while implementing structural changes that could affect how concert seats are sold.
— [Mar 09, 17:24] Live Nation reaches deal in ticket monopoly case with US Justice Department - but no breakup (BBC News)Live Nation agreed not only to pay fines and penalties for the antitrust violation of its Ticketmaster platform monopolizing concert sales.
— [Mar 09, 17:34] Live Nation reaches tentative settlement in federal ticket monopoly case with US Justice Department - no breakup (The Guardian)