Live Nation reportedly reaches settlement with DOJ over Ticketmaster
Live Nation is jumping in premarket trading on Monday after reports that it has reached a settlement with the Department of Justice over an antitrust lawsuit that could have forced the company to sell Ticketmaster.
After Bloomberg reported that the company was close to a settlement, The Wall Street Journal early on Monday reported that a deal had indeed been reached with an agreement that crucially spares the entertainment giant from breaking up with Ticketmaster, in return for making it easier for other promoters to compete in Live Nation venues.
The prompt agreement, with negotiations presumably intensifying since the trial kicked off on March 2, is expected to get relief to consumers faster than Live Nation going through a trial, per a Justice Department official cited by the WSJ.
Separately, Politico reported that the settlement would include $200 million in damages to participating states — a tiny fraction of Live Nation’s more than $36 billion market cap. Politico also expects Live Nation to divest more than 10 amphitheaters and cap Ticketmaster’s service fees at its amphitheaters under the agreement.
The settlement, which still requires approval from a judge, is set to be made public on Monday, and has seen about 10 states agreeing to the new framework, according to people familiar with the matter. Other state attorneys general may continue to separately litigate.
After Bloomberg reported that the company was close to a settlement, The Wall Street Journal early on Monday reported that a deal had indeed been reached with an agreement that crucially spares the entertainment giant from breaking up with Ticketmaster, in return for making it easier for other promoters to compete in Live Nation venues.
The prompt agreement, with negotiations presumably intensifying since the trial kicked off on March 2, is expected to get relief to consumers faster than Live Nation going through a trial, per a Justice Department official cited by the WSJ.
Separately, Politico reported that the settlement would include $200 million in damages to participating states — a tiny fraction of Live Nation’s more than $36 billion market cap. Politico also expects Live Nation to divest more than 10 amphitheaters and cap Ticketmaster’s service fees at its amphitheaters under the agreement.
The settlement, which still requires approval from a judge, is set to be made public on Monday, and has seen about 10 states agreeing to the new framework, according to people familiar with the matter. Other state attorneys general may continue to separately litigate.
