Live Nation settlement avoids breakup with Ticketmaster
To continue, Live Nation will have to make major changes. As first reported Live Nation has reached a settlement with the Justice Department in its antitrust case accusing the live entertainment giant of monopolistic practices. Live Nation would pay at least $200 million in damages to its states in May 2024, but would avoid selling Ticketmaster.
Live Nation will also need to make some changes to its business practices. According to NBC NewsTicketmaster, a subsidiary of Live Nation, will have to create a “standalone ticketing system” allowing third-party competitors like SeatGeek and Eventbrite to sell tickets.
The settlement also aims to relax some of Live Nation’s control over venues. According to NBC Newsthe company will have to divest up to 13 theaters and be barred from retaliating against venues that choose another ticket seller over Ticketmaster.
The settlement comes less than a week after the case went to trial. Although the case may be concluded with the Justice Department, many state attorneys general who were part of the lawsuit will pursue their legal action separately.
“The recently announced settlement with the U.S. Department of Justice fails to resolve the monopoly issue at the center of this case and would benefit Live Nation at the expense of consumers,” New York State Attorney General Letitia James wrote in a press release. “We will continue our legal action to protect consumers and restore fair competition to the live entertainment industry.” 26 other attorneys general signed on to continue the lawsuit with James.
