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Thursday, December 19, 2019

LIVE NATION CONSENT DECREE EXTENDED

The Department of Justice's antitrust division has agreed to extend Live Nation’s consent decree from 2010 until 2025. The decree covers the merger of Ticketmaster and Live Nation.

"We have reached an agreement in principle with the Department of Justice to extend and clarify the consent decree,” Live Nation said in a statement. “We believe this is the best outcome for our business, clients and shareholders as we turn our focus to 2020 initiatives."

Wall Street responded to the news by pushing the stick price up nearly 10% to $69.74. Most of the week it had been trading around $64 as news of a DOJ investigation broke.

There is no fine though CNBC reports Live Nation will pay DOJ attorney fees in the low "millions" of dollars range.

As part of the deal, Ticketmaster sales rep are barred from discuss content bundle deals with venues. Live Nation continues to be allowed to give Ticketmaster venues priority when selecting venues for shows, but venues that use other ticketing services cannot be penalized by the promoter.

 
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