Live Nation reaches surprise settlement with justice department in antitrust case
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Live Nation, owner of Ticketmaster, reached a surprise settlement with the Department of Justice in its antitrust case after a week of trial. The agreement requires Live Nation to pay roughly $200 million in damages to participating states and Ticketmaster to open its platform to competitors. Ticketmaster would also be required to divest some amphitheaters and cap service fees at 15%. The Justice Department alleged Live Nation held illegal monopolies, harming artists, venues, and fans through exclusive contracts. While ten state attorneys general agreed to the settlement, New York's Attorney General criticized it for failing to address Live Nation's monopoly and vowed to continue the lawsuit. A judge must still approve the settlement terms.
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