Dec 19 (Reuters) - Live Nation Entertainment Inc said on Thursday it had agreed to settle with the Department of Justice over the concert promoter’s ticketing practices.
Live Nation’s shares rose 9% in afternoon trade.
The DoJ was preparing to take legal action against Live Nation on allegations it has sought to strong-arm concert venues into using its dominant Ticketmaster subsidiary, Reuters reported last week, citing a source familiar with the matter.
The Justice Department had allowed Live Nation and Ticketmaster to merge in 2010 on condition they abide by a range of conditions to keep ticket prices in check, including agreeing to be barred from retaliating against venue owners who use a competing ticket service.
"We have reached an agreement in principle with the Department of Justice to extend and clarify the consent decree," Live Nation said reut.rs/38Y2uaI, without revealing further details.
CNBC earlier in the day reported cnb.cx/2MdW9ya that the terms of the merger settlement, which was meant to expire in July 2020, will be extended by an additional five and a half years through December 2025. (Reporting by Bharath Manjesh in Bengaluru; Editing by Maju Samuel)