Media News

Live Nation agrees to settle with DOJ over ticketing practices

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, without revealing further details.

CNBC earlier in the day reported 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)