Live Nation reaches DOJ settlement in antitrust case

Live Nation signage is displayed outside of offices in Hollywood, California on May 30, 2024. Photo by PATRICK T. FALLON/AFP via Getty ImagesArticle contentLive Nation Entertainment Inc. has reached a settlement with federal antitrust authorities in a lawsuit that accused the company of illegally monopolizing the live music industry, the U.S. Justice Department said Monday.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe agreement was announced during a hearing on Monday, but few details were provided. Bloomberg News has previously reported that the sides were nearing a settlement that wouldn’t require Live Nation to sell its Ticketmaster subsidiary.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentArticle contentThe settlement agreement will still need to be signed off on by the judge.Article contentPosthasteBreaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe agreement would open parts of Live Nation’s ticketing arm to third party sellers and make it easier for other promoters to put on shows at amphitheaters that Live Nation controls, according to people familiar with the matter who asked not to be identified discussing confidential matters.Article contentThe trial, which started in New York last week, stems from the Justice Department’s 2024 lawsuit seeking to break up the company by forcing a sale of Ticketmaster.Article contentLive Nation has faced years of antitrust scrutiny over its 2010 acquisition of Ticketmaster, which was cleared by the Obama administration and later contested as inadequate by rivals, lawmakers and fans.Article contentThe current case was filed under the Biden administration and brought to trial this month by U.S.

President Donald Trump’s Justice Department. The combined company also faced scrutiny under the first Trump administration.Article contentIn the lawsuit, Live Nation and Ticketmaster are accused of engaging in a variety of anticompetitive practices, including locking venues into long-term exclusive ticketing contracts and retaliating against rivals and venues that seek to use alternatives. The DOJ and states also say that Live Nation has monopolized the market for large, outdoor amphitheaters in the U.S.Article contentSome of the state attorneys general that signed onto the case have signaled they are also planning to join the settlement, Bloomberg reported.Article contentUnder the terms of the deal, Live Nation would pay monetary damages to states that participate in the deal, according to one of the people.Article contentBloomberg.comArticle contentTrending Posthaste: How $100 oil could do Canada's economy more harm than good News Canadians blasé about CUSMA misunderstand the market risks Investor IMF urges preparation for 'unthinkable' amid Mideast conflict Economy Here are 5 things worried investors can do as the Iran war plays out Investor Subscriber only. G7 to discuss joint release of emergency oil reserves as crude hits $100 Subscriber only Financial Times Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Posthaste: How $100 oil could do Canada's economy more harm than good News Canadians blasé about CUSMA misunderstand the market risks Investor IMF urges preparation for 'unthinkable' amid Mideast conflict Economy Here are 5 things worried investors can do as the Iran war plays out Investor Subscriber only. G7 to discuss joint release of emergency oil reserves as crude hits $100 Subscriber only Financial Times