economy
Live Nation settles antitrust lawsuit with Justice Department
Live Nation and Ticketmaster have reached a settlement with federal authorities over accusations the ticket giant’s business practices created a monopoly of the live events music industry.
TL;DR
- Live Nation and Ticketmaster have settled with federal authorities over antitrust accusations.
- The settlement avoids a breakup of the companies but requires Ticketmaster to allow competitors to sell tickets for venues.
- Live Nation must divest 13 amphitheaters as part of the agreement.
- The Justice Department believes the settlement will offer consumers more options and lower prices.
- New York and California, among others, are dissatisfied and plan to continue their own lawsuits.
- The industry faced scrutiny after Ticketmaster's issues with Taylor Swift's 'Eras' tour ticket sales.
- Live Nation CEO Michael Rapino stated the agreement benefits artists and fans.
- Live Nation is offering a $280 million settlement fund to states that sign on.