Ticketmaster parent Live Nation reaches settlement with Department of Justice over antitrust concerns
CNBC
Live Nation, which owns Ticketmaster, reached a settlement with the Department of Justice over antitrust concerns.
Live Nation Entertainment has reached a settlement with the Department of Justice over antitrust concerns surrounding its Ticketmaster platform, a senior DOJ official said Monday.
The settlement would see Ticketmaster unwind some of its exclusivity agreements with musical artists and open up the ticketing industry to greater competition. It still needs approval by more than 20 states that had filed suit and by the court.
As part of the settlement, Ticketmaster will offer a standalone third-party ticketing system for other companies like SeatGeek to use its technology. Live Nation has also agreed to divest at least 13 of its amphitheaters and will no longer be able to require artists to use other Live Nation products tied to its venues. It has also agreed to pay roughly $280 million in civil penalties.
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Live Nation, which owns Ticketmaster, reached a settlement with the Department of Justice over antitrust concerns.
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