"The justice department, along with attorneys general from 39 states and Washington DC who joined the suit, said the company abused its market dominance to bolster illegal monopolies in the entertainment industry. Kid Rock, along with Mumford & Sons' Ben Lovett and executives from other ticketing concerns and aggrieved venues, were poised to testify at a trial that began earlier in March."
"According to the deal, Live Nation will launch a $280m settlement fund for states that sued. The settlement also stipulates that Ticketmaster must open parts of its platform to other ticketing companies and cap service fees at 15% of the price. It also requires Live Nation to withdraw from exclusive booking deals it has with 13 US venues."
"I don't understand why they would negotiate a settlement, Kid Rock told Shachtman for a New York Times essay about how the settlement is a win for the company. Why not just let it see its course? Let's see what 12 people decide."
The Department of Justice reached a settlement with Live Nation, Ticketmaster's parent company, just one week into an antitrust trial that began in March. The lawsuit, initiated by the Biden administration and joined by 39 state attorneys general, alleged Live Nation abused market dominance to maintain illegal monopolies in the entertainment industry. The settlement requires Live Nation to establish a $280 million fund for states, mandate Ticketmaster open platform access to competitors, cap service fees at 15% of ticket price, and terminate exclusive booking agreements with 13 US venues. The sudden settlement surprised observers, including musician Kid Rock, who questioned why the case wasn't allowed to proceed to trial. Three states initially objected to the settlement terms.
#live-nation-antitrust-settlement #ticketmaster-monopoly #department-of-justice-lawsuit #concert-industry-regulation #ticket-service-fees
Read at www.theguardian.com
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