Live Nation settles antitrust case

LIVE Nation reached a tentative settlement with the US Justice Department on Monday in the federal antitrust case brought against the entertainment giant.

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The settlement, which requires the approval of District Judge Arun Sub-ramanian, comes just days after the antitrust trial began in New York.

The case was initiated under then-president Joe Biden, with prosecutors accusing Live Nation - which owns Ticketmaster — of being a monopolist that controlled virtually all live entertainment in the US.

The settlement requires Live Nation to open up the ticketing platform to competitors and to allow other promoters to stage events at certain Live Nation venues, Justice Department officials said.

Live Nation will divest up to 13 amphitheaters and pay $280 million (about R4.6 billion) in damages to the nearly 40 states that were parties to the antitrust lawsuit against the California-based company.