Live Nation reached a settlement with the Department of Justice regarding a May 2024 antitrust lawsuit, according to Politico.
The agreement allows the company to retain ownership of its subsidiary, Ticketmaster. The settlement resolves the federal case just days after it went to trial and requires Live Nation to pay at least $200 million in damages to the states involved in the lawsuit.
According to NBC News, Ticketmaster must create a standalone ticketing system to allow third-party competitors, such as SeatGeek and Eventbrite, to sell tickets. The company will also divest up to 13 amphitheaters to loosen control over venues. Live Nation is prohibited from retaliating against venues that choose another ticket seller over Ticketmaster.
New York State Attorney General Letitia James stated the settlement fails to address the monopoly. “The settlement recently announced with the U.S. Department of Justice fails to address the monopoly at the center of this case and would benefit Live Nation at the expense of consumers,” James said. James added that 26 other state attorneys general will continue legal action separately.
