Live Nation reaches settlement with DOJ in antitrust case

Описание: Live Nation reached a settlement with the Justice Department over an antitrust lawsuit that threatened to break up its business just days into the trial.

Justice Department officials said the deal will require Live Nation to pay a fine of up to $280 million in damages to participating states and divest from at least 13 amphitheaters across the country. Ticketmaster will also be required to open parts of its platform to rival companies and allow them to list tickets using its technology.

It will also put limits on long-term exclusivity contracts Ticketmaster has used to get venues locked into its system. Those agreements will be limited to four years and allow venues to set aside a portion of their tickets to competing platforms, Politico reported. The deal also includes a 15% on ticketing fees Live Nation can charge at its venues that will not apply to other ticketing companies.

The judge overseeing the case still needs to sign off on the agreement.

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