Live Nation comes to agreement with Department of Justice over ticket sales
After rumors of a looming federal investigation regarding ticket sales, the concert and ticketing conglomerate Live Nation has reached an agreement with the Department of Justice. The settlement stands as an attempt to stifle wrongdoing and maintain competition in the concert industry.
The agreement acts as both an extension and addition to the 2010 consent decree formed between Live Nation and the Department of Justice that set the stage for the former to merge with Ticketmaster. The provisions of the decree aimed to deny Live Nation from forcing concert venues to use the newly acquired Ticketmaster as a platform to sell tickets for the concert promoter’s branded concerts.
The original agreement was scheduled to be lifted in 2020 but has been extended to 2025 in lieu of recent allegations of ticketing malpractice. Further, an independent monitor will be appointed to monitor Live Nation’s obedience, with the financial penalty set $1 million per infraction.
Live Nation’s stock rose 9 percent following the deal with the DOJ, ultimately balancing off after a 7 percent plummet earlier in the week.