Live Nation Antitrust Settlement to Force Venue Sales

Live Nation won’t have to break up with Ticketmaster if the antitrust settlement it agreed to with the Department of Justice is finalized. But it will have to sell a handful of event venues.

Under the agreement — which requires the approval of a judge and could be upended by state attorneys general not ready to give up the fight — the concert industry giant will need to sell more than 10 of its venues, Politico reported. Live Nation is the dominant owner in the space, controlling more than three-quarters of the major amphitheaters in the country, according to the DOJ.

Last year, the company revealed a $1 billion investment to build or open 18 venues across the country, particularly in small towns. At the time of the announcement, Live Nation already had 150 locations across the United States, representing 4 percent of the country’s music venues.

There appears to be a material effect on Live Nation’s presence in a market and the impact it has on other venues. An executive at one advocacy group said two venues near Des Moines, Iowa, closed within six months of a Live Nation venue springing up.

There’s no hint as to what venues Live Nation may look to sell. In New York alone, venues in its portfolio include Gramercy Theatre, Irving Plaza, Warsaw, Brooklyn Paramount, Northwell at Jones Beach Theater, Flagstar at Westbury Music Fair, PNC Bank Arts Center, Darien Lake Amphitheater, The Capitol Theatre and The Paramount.

The company also owns or operates venues under the House of Blues and The Fillmore banners.

The antitrust lawsuit against Live Nation originated two years ago as regulators pursued the company over its industry dominance, alleging that could lead to higher ticket prices for fans and artists forced to use the company’s venues.

Competitors such as SeatGeek will gain access to the Ticketmaster platform under the terms of the proposed settlement. Additionally, fees at Live Nation’s venues will be capped at 15 percent of the ticket price.

— Holden Walter-Warner