"The two parties arrived in New York federal court this morning (March 9) with a tentative deal that, while it would break up Live Nation's venue network and secure nearly $300 million in payouts, would not require the concert giant to divest from Ticketmaster."
"Today's settlement agreement requires that Live Nation divest from exclusive booking agreements at 13 venues. The exclusivity contracts that Ticketmaster has with venues will be capped at four years, and those venues will also be given the option of non-exclusive primary ticketing contracts that allow them to sell tickets through other platforms."
"In February, Judge Arun Subramanian handed down a summary judgment dismissing that claim. He did, however, find grounds for the DOJ's allegations that Live Nation forces venues to sign long-term contracts with Ticketmaster or be passed over for tour bookings, and that they illegally restrict access to those venues to artists who use their promotion services."
The Department of Justice and Live Nation have negotiated a tentative antitrust settlement after one week of trial. The deal requires Live Nation to divest from exclusive booking agreements at 13 venues and cap Ticketmaster's exclusivity contracts at four years. Venues will gain options for non-exclusive ticketing contracts and access to competing platforms. Live Nation must allow rivals like SeatGeek and Eventbrite to list tickets on its marketplace. The company will pay $280 million to settling states. However, the settlement does not require Live Nation to divest from Ticketmaster entirely. Judge Arun Subramanian must approve the agreement, and 25 state attorneys general oppose the settlement, calling for a mistrial.
#antitrust-settlement #live-nation #ticketmaster #concert-industry-monopoly #venue-exclusivity-agreements
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